Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and entity information [abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | ASND |
Entity Registrant Name | Ascendis Pharma A/S |
Entity Central Index Key | 0001612042 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 42,135,448 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Profit or loss [abstract] | ||||
Revenue | € 10,581 | € 1,530 | € 4,606 | |
Research and development costs | (140,281) | (99,589) | (66,022) | |
General and administrative expenses | (25,057) | (13,482) | (11,504) | |
Operating profit/(loss) | (154,757) | (111,541) | (72,920) | |
Share of profit/(loss) of associate | (321) | |||
Finance income | 24,714 | 923 | 7,300 | |
Finance expenses | (127) | (13,756) | (3,112) | |
Profit/(loss) before tax | (130,491) | (124,374) | (68,732) | |
Tax on profit/(loss) for the year | 394 | 477 | 227 | |
Net profit/(loss) for the year | (130,097) | (123,897) | (68,505) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Exchange differences on translating foreign operations | 17 | 65 | 6 | |
Other comprehensive income/(loss) for the year, net of tax | 17 | 65 | 6 | |
Total comprehensive income/(loss) | (130,080) | (123,832) | (68,499) | |
Profit/(loss) for the year attributable to owners of the Company | (130,097) | (123,897) | (68,505) | |
Total comprehensive income/(loss) for the year attributable to owners of the Company | € (130,080) | € (123,832) | € (68,499) | |
Basic and diluted earnings/(loss) per share | € (3.17) | € (3.68) | € (2.58) | |
Number of shares used for calculation (basic and diluted) | [1] | 41,085,237 | 33,626,305 | 26,564,414 |
[1] | A total of 5,611,629 warrants outstanding as of December 31, 2018 (a total of 4,621,154 warrants and 3,691,765 warrants outstanding as of December 31, 2017 and 2016, respectively) can potentially dilute earnings per share in the future but have not been included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. |
Consolidated Statements of Pr_2
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Warrants [member] | |||
Statement [LineItems] | |||
Warrants outstanding | 5,611,629 | 4,621,154 | 3,691,765 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current assets | ||
Intangible assets | € 3,495 | € 3,495 |
Property, plant and equipment | 4,325 | 2,557 |
Investment in associate | 17,083 | |
Deposits | 1,158 | 293 |
Total non-current assets | 26,061 | 6,345 |
Current assets | ||
Trade receivables | 6 | 188 |
Other receivables | 1,775 | 1,410 |
Prepayments | 12,415 | 6,907 |
Income taxes receivable | 849 | 778 |
Cash and cash equivalents | 277,862 | 195,351 |
Total current assets | 292,907 | 204,634 |
Total assets | 318,968 | 210,979 |
Equity | ||
Share capital | 5,659 | 4,967 |
Distributable equity | 274,391 | 182,244 |
Total equity | 280,050 | 187,211 |
Current liabilities | ||
Contract liabilities | 6,902 | 0 |
Trade payables | 19,740 | 17,434 |
Other payables | 12,267 | 6,334 |
Income taxes payable | 9 | 0 |
Total Current liabilities | 38,918 | 23,768 |
Total liabilities | 38,918 | 23,768 |
Total equity and liabilities | € 318,968 | € 210,979 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Thousands | Total | Issued Capital [member] | Share Premium [member] | Foreign Currency Translation Reserve [member] | Share-based Payment Reserve [member] | Accumulated Deficit [member] |
Equity at Dec. 31, 2015 | € 120,329 | € 3,374 | € 182,085 | € (85) | € 5,763 | € (70,808) |
Statement [LineItems] | ||||||
Loss for the year | (68,505) | (68,505) | ||||
Other comprehensive loss, net of tax | 6 | 6 | ||||
Total comprehensive income/(loss) | (68,499) | 6 | (68,505) | |||
Share-based payment (Note 6) | 7,321 | 7,321 | ||||
Capital increase | 125,966 | 980 | 124,986 | |||
Cost of capital increase | (8,504) | (8,504) | ||||
Equity at Dec. 31, 2016 | 176,613 | 4,354 | 298,567 | (79) | 13,084 | (139,313) |
Statement [LineItems] | ||||||
Loss for the year | (123,897) | (123,897) | ||||
Other comprehensive loss, net of tax | 65 | 65 | ||||
Total comprehensive income/(loss) | (123,832) | 65 | (123,897) | |||
Share-based payment (Note 6) | 9,709 | 9,709 | ||||
Capital increase | 133,109 | 613 | 132,496 | |||
Cost of capital increase | (8,388) | (8,388) | ||||
Equity at Dec. 31, 2017 | 187,211 | 4,967 | 422,675 | (14) | 22,793 | (263,210) |
Statement [LineItems] | ||||||
Loss for the year | (130,097) | (130,097) | ||||
Other comprehensive loss, net of tax | 17 | 17 | ||||
Total comprehensive income/(loss) | (130,080) | 17 | (130,097) | |||
Share-based payment (Note 6) | 19,652 | 19,652 | ||||
Capital increase | 216,385 | 692 | 215,693 | |||
Cost of capital increase | (13,118) | (13,118) | ||||
Equity at Dec. 31, 2018 | € 280,050 | € 5,659 | € 625,250 | € 3 | € 42,445 | € (393,307) |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statements - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Net profit/(loss) for the year | € (130,097) | € (123,897) | € (68,505) |
Reversal of non-cash consideration regarding revenue | (10,508) | ||
Reversal of share of profit/(loss) of associate | 321 | ||
Reversal of finance income | (24,714) | (923) | (7,300) |
Reversal of finance expenses | 127 | 13,756 | 3,112 |
Reversal of tax charge | (394) | (477) | (227) |
Adjustments for: | |||
Share-based payment | 19,652 | 9,709 | 7,321 |
Depreciation and amortization | 880 | 734 | 677 |
Changes in working capital: | |||
Deposits | (865) | (25) | 2 |
Trade receivables | 182 | 99 | 777 |
Other receivables | (365) | (770) | (302) |
Prepayments | (5,508) | (4,945) | 1,857 |
Trade payables and other payables | 8,262 | 10,755 | 4,711 |
Contract liabilities (deferred income) | 0 | (94) | (2,978) |
Cash flows generated from/(used in) operations | (143,027) | (96,078) | (60,855) |
Finance income received | 4,020 | 923 | 123 |
Finance expenses paid | (127) | (97) | (5) |
Income taxes received / (paid) | 332 | 153 | 558 |
Cash flows from/(used in) operating activities | (138,802) | (95,099) | (60,179) |
Investing activities | |||
Acquisition of property, plant and equipment | (2,648) | (941) | (672) |
Cash flows used in investing activities | (2,648) | (941) | (672) |
Financing activities | |||
Capital increase | 216,385 | 133,109 | 125,966 |
Cost of capital increase | (13,118) | (8,388) | (8,504) |
Cash flows from / (used in) financing activities | 203,267 | 124,721 | 117,462 |
Increase / (decrease) in cash and cash equivalents | 61,817 | 28,681 | 56,611 |
Cash and cash equivalents at January 1 | 195,351 | 180,329 | 119,649 |
Effect of exchange rate changes on balances held in foreign currencies | 20,694 | (13,659) | 4,069 |
Cash and cash equivalents at December 31 | 277,862 | 195,351 | € 180,329 |
Restricted cash included in cash and cash equivalents | € 5,566 | € 63 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
General Information | Note 1—General Information Ascendis Pharma A/S, together with its subsidiaries, is a clinical stage biopharmaceutical company applying its innovative TransCon technologies to build a leading, fully integrated rare disease company. Ascendis Pharma A/S was incorporated in 2006 and is headquartered in Hellerup, Denmark. Unless the context otherwise requires, references to the “Company,” “we,” “us” and “our” refer to Ascendis Pharma A/S and its subsidiaries. The address of the Company’s registered office is Tuborg Boulevard 12, DK-2900 On February 2, 2015, the Company completed an initial public offering, or IPO, which resulted in the listing of American Depositary Shares, or ADSs, representing the Company’s ordinary shares, under the symbol “ASND” in the United States on The Nasdaq Global Select Market. The Company’s Board of Directors approved these consolidated financial statements on April 3, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, and as adopted by the European Union, or EU. The accounting policies applied when preparing the consolidated financial statements are described in detail below and are applied for all entities. Unless otherwise stated under the section “Changes in Accounting Policies and Disclosures” below, these policies have been applied consistently to all years presented. Significant accounting estimates used when exercising the accounting policies are described in Note 3. Our consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition. Changes in Accounting Policies and Disclosures New and Amended Standards and Interpretations As of January 1, 2018, the Company has adopted IFRS 9, “Financial Instruments”, which introduces a new impairment model for financial assets measured at amortized cost based on an expected credit loss model, which currently applies to the Company’s bank deposits, trade receivables and deposits. The implementation of the impairment model under IFRS 9 had no impact on the consolidated financial statements. At December 31, 2017, €17.4 million of trade payables and €6.3 million of other payables were combined and presented as a single amount of trade payables and other payables under current liabilities in the consolidated statements of financial position. In connection with adoption of IFRS 9, and in order to separate financial liabilities from other payables, we have from December 31, 2018, presented other payables separately from trade payables in the consolidated statements of financial position. Comparative figures have been reclassified to reflect the change in presentation. The adoption of IFRS 9 had no other impact on the consolidated financial statements. Further, the Company has adopted IFRS 15, “Revenue from Contracts with Customers”, which establishes a single, comprehensive framework for revenue recognition, based on a five-step model, which applies to the Company’s licensing agreements with multiple activities. IFRS 15 was adopted as of January 1, 2018 using the “retrospective method with the cumulative effect of initially applying this standard recognized at the date of the initial application”. The adoption of IFRS 15 had no impact on the consolidated financial statements. Going Concern The Company’s Board of Directors has, at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the financial statements. Recognition and Measurement Assets are recognized in the consolidated statements of financial position when it is probable, as a result of a prior event, that future economic benefits will flow to us and the value of the asset can be measured reliably. Liabilities are recognized in the consolidated statements of financial position when we have a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow from us and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost or at fair value, depending on the classification of the items. Measurement subsequent to initial recognition is affected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the consolidated financial statements and that confirm or invalidate affairs and conditions existing at the consolidated statements of financial position date are considered at the time of recognition and measurement. Income is recognized in the consolidated statements of profit or loss when earned, whereas costs are recognized by the amounts attributable to the financial year. Basis of Consolidation The consolidated financial statements include our parent company, Ascendis Pharma A/S, and all enterprises over which the parent company has control. We control an enterprise when we are exposed to, or have rights to, variable returns from our involvement with the enterprise and have the ability to control those returns through our power over the entity. Accordingly, the consolidated financial statements include Ascendis Pharma A/S and the subsidiaries listed in Note 11. Consolidation Principles The consolidated financial statements comprise the Company, and its subsidiaries at December 31, 2018. Subsidiaries, which are enterprises where we have control at the balance sheet date, are fully consolidated from the date upon which control is transferred to us. They are deconsolidated from the date control ceases. We re-assess • The contractual arrangement(s) with the other vote holders of the enterprise • The Group’s voting rights and potential voting rights • Rights arising from other contractual arrangements All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between our group enterprises are eliminated in full on consolidation. Subsidiaries and our associate apply accounting policies in line with the Company’s accounting policies. When necessary, adjustments are made to bring the entities’ accounting policies in line with those of the Company. An associate is an entity over which we have significant influence over financial and operational decisions but where we have neither control nor joint control. The Company’s associate is accounted for using the equity method. Under the equity method, the associate is initially recognized at cost. Thereafter, the carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition date. The consolidated statements of profit or loss includes the Company’s share of result after tax and non-controlling After application of the equity method, we determine whether it is necessary to recognize an impairment loss related to the associate. Accordingly, at each reporting date, we determine whether there is objective evidence that the associate is impaired. If there is such evidence, we calculate the amount of impairment as the difference between the recoverable amount of the associate and its carrying value. Any impairment loss is recognized within share of profit/(loss) of associate in the consolidated statements of profit or loss. Foreign Currency Functional and Presentation Currency Items included in the consolidated financial statements are measured using the functional currency of each Group entity. Functional currency is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euro (EUR), which is also the functional currency of the parent company. Translation of Transactions and Balances On initial recognition, transactions in currencies other than the individual entity’s functional currency are translated applying the exchange rate in effect at the date of the transaction. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate in effect at the balance sheet date. Exchange rate differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognized in profit or loss as financial income or financial expenses. Property, plant and equipment, intangible assets and other non-monetary Currency Translation of Group Enterprises When subsidiaries or associates that present their financial statements in a functional currency other than EUR are recognized in the consolidated financial statements, their statements of profit or loss are translated at average exchange rates. Balance sheet items are translated using the exchange rates at the balance sheet date. Exchange rate differences arising from translation of foreign entities’ balance sheet items at the beginning of the year to the balance sheet date exchange rates as well as from translation of statements of profit or loss from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Similarly, exchange rate differences arising from changes that have been made directly in a foreign subsidiary’s equity are recognized in other comprehensive income. Business Combinations Newly acquired or newly established subsidiaries are recognized in the consolidated financial statements from the time of acquiring or establishing such enterprises. Time of acquisition is the date on which control of the enterprise is actually acquired. When acquiring new enterprises over which we obtain control, the acquisition method is applied. Under this method, we identify assets, liabilities and contingent liabilities of these enterprises and measure them at fair value at the acquisition date. Restructuring costs are only recognized in the pre-acquisition The acquisition price for an enterprise consists of the fair value of the consideration paid for the acquired enterprise. Costs that are attributable to the acquisition of the enterprise are recognized in the consolidated statement of profit or loss when incurred. The excess of the consideration transferred, the amount of any non-controlling Goodwill is subject to annual impairment test. Impairment is calculated as the difference between the recoverable amount of the cash-generating unit that the goodwill relates to, and it’s carrying amount. Any impairment loss is recognized in the consolidated statement of profit or loss in a separate line item. Revenue Our revenue is primarily generated from collaboration- and license agreements. Further, we also generate revenue from development services under development and commercialization agreements. Additionally, revenue is generated from feasibility studies for potential partners to evaluate if our TransCon technologies enables certain advantages for their product candidates of interest. Such feasibility studies are often structured as short-term agreements with fixed fees for the work that we perform. With reference to “Changes to accounting policies and disclosures”, the Company has adopted IFRS 15, “Revenue from Contracts with Customers”, effective from January 1, 2018. Thus, until December 31, 2017 revenue was recognized when it was probable that future economic benefits would flow to us and these benefits could be measured reliably. Further, revenue recognition required that all significant risks and rewards of ownership of the goods or services included in the transaction had been transferred to the buyer, and that we retained neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods or services sold. From January 1, 2018, upon adoption of IFRS 15, when we enter into contract with customers, we assess the goods and/or services promised in the contract and identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: • the customer can benefit from the goods or service either on its own or together with other resources that are readily available to the customer (i.e. the goods or service is capable of being distinct); and • the entity’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract (i.e. the promise to transfer the goods or service is distinct within the context of the contract). Under collaboration-, license, and other agreements that contain multiple promises to the customer, the promises are identified and accounted for as separate performance obligations, if these are distinct. If promises are not distinct, we combine those goods or services with other promised goods or services until we identify a bundle of goods or services that is distinct. The transaction price in the contract is measured at fair value and reflects the consideration we expect to be entitled to in exchange for those goods or services. In the transaction price, variable consideration including milestone payments, is only included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation according to their stand-alone selling prices and is recognized when control of the goods or services are transferred to the customer either, over time or at a point in time. Revenue is stated net of value added tax, duties, etc. collected on behalf of a third party, and discounts. Usually the payment terms are within 1-2 The transition to IFRS 15 had no impact on recognition and measurement of revenue. Research and Development Costs Our research and development costs consist primarily of manufacturing costs, preclinical and clinical study costs, salaries and other personnel costs including pension and share-based payment, the cost of facilities, the cost of obtaining and maintaining our intellectual property portfolio, and the depreciation of assets used in research and development activities. Research costs comprise costs incurred at the early stages of the drug development cycle from the initial drug discovery and are recognized in the consolidated statement of profit or loss when incurred. A development project involves a single product candidate undergoing a series of studies to illustrate its safety profile and effect on human beings prior to obtaining the necessary approval from the appropriate authorities. Due to the risk related to the development of pharmaceutical products, we cannot estimate the future economic benefits associated with individual development projects with sufficient certainty until the development project has been finalized and the necessary market approval of the final product has been obtained. As a consequence, all development costs are recognized in the consolidated statement of profit or loss in the period to which they relate. Development costs also comprise manufacturing costs related to validation batches, or process performance qualification batches, on late-stage development projects. General and Administrative Expenses General and administrative expenses comprise salaries and other personnel costs including pension and share-based payment, office supplies, cost of facilities, and depreciation and amortization related to administrative activities. General and administrative expenses are recognized in the consolidated statement of profit or loss in the period to which they relate. Share-based Incentive Programs Share-based incentive programs under which board members, employees and external consultants have the option to purchase shares in Ascendis Pharma A/S (equity-settled share-based payment arrangements) are measured at the equity instrument’s fair value at the grant date. The cost of equity-settled transactions is determined by the fair value at the date of grant using the Black-Scholes valuation model. The cost is recognized together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled, the vesting period. The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period for each tranche, based on our best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for grants that do not ultimately vest. Where an equity-settled grant is cancelled, it is treated as if it vested on the date of the cancellation, and any expense not yet recognized for the grant is recognized immediately. This includes any grant where non-vesting Where the terms and conditions for an equity-settled grant is modified, we recognize as minimum the services measured at the grant date fair value over the vesting period. Additionally, we re-measure If a new grant is substituted for the cancelled grant and designated as a replacement grant on the date that it is granted, the cancelled and new grants are treated as if they were a modification of the original grant, as described in the previous paragraph. Any social security contributions payable in connection with the grant or exercise of the warrants are recognized as incurred. The assumptions used for estimating the fair value of share-based payment transactions are disclosed in Note 6. Finance Income and Expenses Finance income and expenses comprise interest income and expenses and realized and unrealized exchange rate gains and losses on transactions denominated in foreign currencies. Interest income and interest expenses are stated on an accrual basis using the principal and the effective interest rate. The effective interest rate is the discount rate that is used to discount expected future payments related to the financial asset or the financial liability in order for the present value of such asset or liability to match their carrying amount. Income Taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the consolidated statement of profit or loss by the portion attributable to the profit or loss for the year and recognized directly in equity or other comprehensive income by the portion attributable to entries directly in equity and in other comprehensive income. The current tax payable or receivable is recognized in the balance sheet, stated as tax computed on this year’s taxable income, adjusted for prepaid tax. When computing the current tax for the year, the tax rates and tax rules enacted or substantially enacted at the balance sheet date are used. Current tax payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the consolidated statements of profit or loss because it excludes items of income or expense that are taxable or deductible in prior or future years. It also further excludes items that are never taxable or deductible. Deferred tax is recognized according to the balance sheet liability method of all temporary differences between carrying amounts and tax-based Deferred tax liabilities are recognized on all temporary differences related to investments in our subsidiaries, unless we are able to control when the deferred tax is realized, and it is probable that the deferred tax will not become due and payable as current tax in the foreseeable future. Deferred tax is calculated based on the planned use of each asset and the settlement of each liability, respectively. Deferred tax is measured using the tax rates and tax rules in the relevant countries that, based on acts in force or acts in reality in force at the balance sheet date, are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax resulting from changed tax rates or tax rules are recognized in the consolidated statement of profit or loss unless the deferred tax is attributable to transactions previously recognized directly in equity or other comprehensive income. In the latter case, such changes are also recognized in equity or other comprehensive income. Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the balance sheet at their estimated realizable value, either as a set-off Intangible Assets Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling Property, Plant and Equipment Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the assets will flow to us and the costs of the items can be measured reliably. All repair and maintenance costs are charged to the consolidated statement of profit or loss during the financial periods in which they are incurred. Plant and equipment acquired for research and development activities, which are expected to be used for research and development activities for more than one year, are capitalized and depreciated over the estimated useful life as research and development costs. If the acquisition or use of the asset involves an obligation to incur costs of decommissioning or restoration of the asset, the estimated related costs are recognized as a provision and as part of the relevant asset’s cost, respectively. The basis for depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs, assuming that the asset is of an age and a condition that is expected after the end of its useful life. The cost of a combined asset is divided into smaller components, with such components depreciated individually if their useful lives vary. Depreciation commences when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in the manner we intend. Depreciation is calculated on a straight-line basis from the following assessment of an asset’s expected useful life: Process plant and machinery 5 - 10 years Other fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 3 - 5 years The useful life for plant and equipment used in specific development activities, reflects the estimated time of the relevant development project. Depreciation methods, useful lives and residual amounts are re-assessed Property, plant and equipment are written down to the lower of recoverable amount and carrying amount, as described in the “Impairment” section below. Depreciation, impairment losses and gains and losses on disposal of property, plant and equipment are recognized in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as appropriate. Impairment Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of goodwill is estimated annually irrespective of any recorded indications of impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows, or cash-generating units, which for goodwill represent the lowest level within the enterprise at which the goodwill is monitored for internal management purposes. Prior impairments of non-financial Receivables Receivables comprise deposits, trade receivables, and other receivables, which are separately presented in the consolidated statements of financial position. With reference to “Changes to accounting policies and disclosures”, the Company has adopted IFRS 9, “Financial Instruments”, effective as of January 1, 2018. Thus, until December 31, 2017, deposits and trade receivables were classified as loans and receivables, constituting financial assets with fixed or determinable payments. Receivables were initially recognized at their fair value, and subsequently measured at amortized cost. From January 1, 2018, receivables (excluding receivables related to VAT and other indirect tax receivables) are classified as financial assets at amortized cost, as these are held to collect contractual cash flows and thus give rise to cash flows representing solely payments of principal and interest. Trade receivables are initially recognized at their transaction price and subsequently measured at amortized cost. Deposits are initially measured at their fair value and subsequently measured at amortized cost. Other receivables comprise VAT and other indirect tax receivables, and thus not classified as financial assets, are measured at cost less impairment. The carrying amount of receivables usually equals their nominal value less provision for impairments. Prepayments Prepayments comprise costs relating to a future financial period. Prepayments are measured at cost. Cash and Cash Equivalents Cash and cash equivalents comprise cash and demand deposits with financial institutions. Cash and cash equivalents are measured at amortized cost. Allowance for Expected Credit Losses on Financial Assets Financial assets comprise receivables (excluding receivables relating to VAT and other indirect tax receivables) and cash and cash equivalents. In connection with adoption of IFRS 9, the Company has implemented a new impairment model for financial assets measured at amortized cost based on an expected credit loss model. Until December 31, 2017, provision for bad debts on financial assets was determined on the basis of an individual assessment of each receivable and recognized using an allowance account. From January 1, 2018 provision for bad debts is determined on the basis of a forward-looking expected credit loss (ECL”) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that we expect to receive, discounted at an approximation of the original effective interest rate. For receivables, we will apply a simplified approach in calculating ECLs. Therefore, we will not track changes in credit risk, but instead we will assess a loss allowance based on lifetime ECL at each reporting date. Lifetime ECLs will be assessed on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For cash and cash equivalents, ECLs are assessed in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are assessed for credit losses that result from default events that are possible within the next 12-months (“12-month Shareholders’ Equity The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1, or approximately €0.13. All shares are fully paid. Share premium reserve comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Foreign currency translation reserve includes exchange rate adjustments relating to the translation of the results and net assets of our foreign operations from their functional currencies to our presentation currency. The accumulated reserve of a foreign operation is recognized in the consolidated statement of profit or loss at the time we lose control, and thus cease to consolidate such foreign operation. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to the Company’s shareholders. Reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the consolidated statement of profit or loss, arising from our warrant programs. Retained earnings or accumulated deficit represents the accumulated profits or losses from the Company’s operations. A positive reserve is available to be distributed as dividends to the Company’s shareholders. Leases Leases of property, plant and equipment, where we have substantially all of the risks and rewards of ownership, are classified as finance leases. Other leases are classified as operating leases. No finance leases were in place at December 31, 2018 or December 31, 2017. Lease payments on operating leases are recognized on a straight-line basis in the consolidated statement of profit or loss over the term of the lease. Total commitments under operating leases is disclosed in note 16. Trade Payables Trade payables including accrued expenses are measured at amortized cost applying the effective interest method to the effect that the difference between proceeds and nominal amount is recognized in the consolidated statement of profit or loss as a financial expense over the term of the liability. Other Payables Other payables comprise payables to public authorities, and short-term employee benefits payable within one year. Other payables are measured at their net-realizable Contract Liabilities Contract liabilities comprise deferred income from collaboration agreements and license agreements, where consideration received do not match the individual deliverables with respect to amount and satisfied performance obligations. Deferred income typically arises from up-front up-front up-front Deferred income is recognized as revenue in the consolidated statement of profit or loss when the relevant performance obligation, to which the deferred revenue relates, is satisfied. Cash Flow Statement The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the profit or loss adjusted for non-cash Cash flows from investing activities comprise payments in connection with acquisitions, development, improvement and sale, etc. of intangible assets, property, plant and equipment, and group enterprises. Cash flows from financing activities comprise changes in the share capital of Ascendis Pharma A/S and related costs. The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is presented separately from cash flows from operating, investing and financing activities. Cash flows in currencies other than the functional currency are recognized in the cash flow statement, using the average exchange rates. Cash and cash equivalents comprise cash at hand and deposits with financial institutions. Any restricted cash included in the balance of cash and cash equivalents is presented as an additional disclosure in the cash flow statement. Segment Reporting We are managed and operated as one operating and reportable segment. No separate operating segments or reportable segments have been identified in relation to product candidates or geographical markets. Accordingly, except for entity wide disclosures, we do not disclose segment information on business segments or geographical markets. Basic EPS Basic Earnings per Share, or EPS, is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding. Diluted EPS Diluted earnings per share is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding adjusted for the dilutive effect of share equivalents. If the consolidated statement of profit or loss shows a net loss, no adjustment is made for the dilutive effect, as such effect would be anti-dilutive. New International Financial Reporting Standards Not Yet Effective The IASB has issued, and the European Union has adopted, a number of new or amended standards, which have not yet become effective. Therefore, these new standards have not been incorporated in these consolidated financial statements. Our financial reporting is expected to be affected by such new or improved standards to the extent described below. • In January 2016, the IASB issued IFRS 16 “Leases”. The standard was endorsed by the EU in 2017 and will be effective for annual periods beginning on or after January 1, 2019 and replaces the current IAS 17 “Leases”. IFRS 16 requires, with a few exceptions, lessees to rec |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2018 | |
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Critical Accounting Judgments and Key Sources of Estimation Uncertainty | Note 3—Critical Accounting Judgments and Key Sources of Estimation Uncertainty In the application of our accounting policies, we are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical Judgments in Applying Accounting Policies The following are the critical judgments, apart from those involving estimates, see below, made in the process of applying our accounting policies and that have the most significant effect on the amounts recognized in our consolidated financial statements. Revenue Recognition We evaluate all our revenue generating transactions to ensure recognition in accordance with IFRS. Revenue is primarily generated from collaboration- and license agreements, which typically involve multiple promises, and thus require significant judgments by us on certain areas including: • Determining whether the promises in the agreements are distinct performance obligations; • Identifying and constraining variable consideration in the transaction price including milestone payments; • Allocating transaction price to identified performance obligations based on their relative stand-alone selling prices; and • Determining whether performance obligations are satisfied over time, or at a point in time. Critical judgments relating to revenue recognition are described below. Collaboration Agreements Identifying Performance Obligations Our two collaboration agreements in place were entered in 2010 and 2013, respectively. The agreements include grant of licenses and contemplate our involvement in the ongoing research and development of our partnered product candidates. At the time the collaboration agreements were entered, the product candidates were early-stage development projects, where the partnered development activities were considered single performance obligations. Accordingly, up-front License Agreements The judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers relates to three license agreements, which were entered into in 2018. Identifying Performance Obligations and Allocating Transaction Price The three license agreements grant the licensee exclusive rights to develop, manufacture, and commercialize the patented product candidates in Greater China (the “Territory”), including the right to grant sub-licenses In determination of the performance obligations under the license agreements, we have considered the stand-alone values of the promises in the contracts, and our responsibility in the future development activities including bringing the licensed products to market in the Territory. While licensed product candidates are all in phase 1 or later, we have concluded that the licensee can benefit from each promise in the contract either on their own or together with readily available resources. Thus, each of the license agreements comprise following distinct performance obligations, licenses, development services, and clinical trial supplies, respectively. Classification of Licenses as “Right-to-Use” “Right-to-Access” We have considered whether we are obligated or expected to perform research and development activities that significantly affect the licensee’s ability to benefit from product candidates. If we are contractually obligated, or if we determine that we are expected to perform research and development activities affecting the stand-alone functionality of the product candidate, the license is classified as “right-to-access”. “right-to-use”. While licensed products are patented drug formulas, our future activities do not affect their stand-alone functionalities. Accordingly, all three licenses been classified as “right-to-use”, Share-Based Payment IFRS 2, “Share-Based Payment” requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees. We have granted warrants to employees, consultants and board members under three different programs. We use the Black-Scholes option-pricing model to value the warrants granted and critical judgments need to be exercised in determining the appropriate input to the valuation model as well as to determine the appropriate way of recognizing the expenses under IFRS 2. Warrants granted under our warrant programs vest on a monthly basis over periods of up to 48 months. Due to the graded vesting, the related expenses are recognized on an accelerated basis; i.e. each tranche of a warrant grant is treated separately for expense recognition purposes. Accordingly, the expenses related to each warrant grant is treated in up to 48 tranches, all being recognized over the vesting period. See Note 6 for additional details on our warrant programs and recognition of expenses under IFRS 2. Internally Generated Intangible Assets IAS 38, “Intangible Assets” prescribes that intangible assets arising from development projects must be recognized in the balance sheet if the criteria for capitalization are met. That means (1) that the development project is clearly defined and identifiable; (2) that technological feasibility, adequate resources to complete and a market for the product or an internal use of the project can be documented; (3) that the expenditure attributable to the development project can be measured reliably; and (4) that we have the intent to produce and market the product or use it internally. Such an intangible asset shall be recognized if it can be documented that the future income from the development project will exceed the aggregate cost of development, production, sale and administration of the product. Due to the risk associated with drug development, future income from development projects cannot be determined with sufficient certainty until the development activities have been completed and the necessary marketing approvals have been obtained. Accordingly, we do not recognize internally generated intangible assets at this time. Joint Arrangements / Collaboration Agreements Collaboration agreements within our industry are often structured so that each party contributes its respective skills in the various phases of a development project. No joint control exists for such collaborations and the parties do not have any financial obligations on behalf of each other. Accordingly, neither of our collaborations nor license agreements are considered to be joint arrangements as defined in IFRS 11, “Joint Arrangements”. Investment in Associate On initial recognition of investments, we assess whether we have power over the enterprise. An associate is an enterprise where we have neither control or joint control, but where we have significant influence over financial and operational decisions based on judgment of the following factors: • the contractual arrangement(s) with the other vote holders of the investee • board representation • rights arising from other contractual arrangements • the Company’s voting rights and rights over protective decisions. We have analyzed the structure of our investment in VISEN Pharmaceuticals and concluded that the enterprise is classified as an associate as defined in IAS 28 “Investments in Associates and Joint Ventures”. Key Sources of Estimation Uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. Revenue Recognition—Allocation of Transaction Price to Performance Obligations Transaction price for license agreements comprises up-front, non-refundable, non-cash For two license agreements, entered in 2018, we have allocated up-front Impairment of Goodwill Determining whether goodwill is impaired requires an estimation of the recoverable amount, being the higher of fair value less costs of disposal or value in use, of the cash-generating units to which goodwill has been allocated. The Company is determined to be a single cash-generating unit. Accordingly, the recoverable amount is determined based on an estimation of the Company’s fair value less costs of disposal. We have determined the fair value of goodwill after taking into account the market value of our ADSs representing the enterprise value of the group enterprise as of the balance sheet date. No impairment loss has been recognized in 2018, 2017 or 2016. The carrying amount of goodwill at December 31, 2018 and 2017 was €3.5 million. See note 9 for further details. Recognition of Accruals for Manufacturing and Clinical Trial Activities Payment terms for contractual work related to development, manufacturing and clinical trial activities do not necessarily reflect the stage of completion of the individual projects and activities. Determination of the stage of completion for ongoing activities includes estimation uncertainties as future efforts to complete the specific activity may be difficult to predict. We have reviewed all significant ongoing activities at the balance sheet date to determine the stage of completion compared to the invoices received and recognized accruals for any additional costs. Useful Lives of Property, Plant and Equipment We review the estimated useful lives of property, plant and equipment at the end of each reporting period. We have concluded that the useful lives applied for 2018, 2017 and 2016 are appropriate. Except for the above areas, assumptions and estimates are not considered to be critical to the consolidated financial statements |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
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Revenue | Note 4—Revenue Revenue has been recognized in the consolidated statements of profit or loss with the following amounts: 2018 2017 2016 (EUR’000) Revenue from the rendering of services (recognized over time) 1,215 1,530 1,628 “Right-to-access” — — 2,978 “Right-to-use” 9,366 — — Total revenue 10,581 1,530 4,606 2018 2017 2016 (EUR’000) Revenue from external customers (geographical) North America 10,581 1,530 4,606 Total revenue 10,581 1,530 4,606 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
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Segment Information | Note 5—Segment Information We are managed and operated as one business unit. No separate business areas or separate business units have been identified in relation to product candidates or geographical markets. Accordingly, except for entity wide disclosures, we do not disclose information on business segments or geographical markets. Geographical information on revenue is included in Note 4, and the Company’s non-current In the consolidated financial statements for 2018, a single customer (our associate) accounts for more than 10% of total revenue. For elaborating details, please refer to Note 12. The revenue from single customers was €10.5 million, €1.5 million, and €4.6 million for the financial years ended December 31, 2018, 2017, and 2016, respectively. |
Staff Cost
Staff Cost | 12 Months Ended |
Dec. 31, 2018 | |
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Staff Cost | Note 6—Staff Cost 2018 2017 2016 (EUR’000) Wages and salaries 29,418 19,918 15,288 Share-based payment 19,652 9,709 7,321 Pensions (defined contribution plans) 444 324 49 Social security costs 1,793 1,156 913 Total staff costs 51,307 31,107 23,571 Average number of employees 167 121 92 Staff costs are recognized in the consolidated statement of profit or loss as follows: 2018 2017 2016 (EUR’000) Research and development costs 34,146 21,845 115,829 General and administrative expenses 17,161 9,262 7,742 Total staff costs 51,307 31,107 23,571 Key Management Personnel includes our Board of Directors (7 persons; 2017: 8 persons) and Executive Board (2 persons; 2017: 2 persons). Compensation to Key Management Personnel comprises salaries, participation in annual bonus schemes, and share-based compensation. Share-based compensation is elaborated in further details in the section “Share-based payment”. Compensation to Key Management Personnel included above is summarized below: 2018 2017 2016 (EUR’000) Compensation to Key Management Personnel Wages and salaries 1,809 1,731 1,449 Share-based payment 5,112 3,576 2,548 Pensions (defined contribution plans) — — — Social security costs 152 70 72 Total Compensation to Key Management Personnel 7,073 5,377 4,069 Out of the total compensation to key management personnel, €1,851 thousand (2017: €1,467 thousand, 2016: €1,187 thousand) related to the Board of Directors, and €5,222 thousand (2017: €3,910 thousand, 2016: €2,882 thousand) related to the Executive Board. Out of the share-based payment to key management personnel, under the warrant programs described below, €1,607 thousand (2017: €1,202 thousand, 2016: €,938 thousand) related to the Board of Directors, and €3,505 thousand (2017: €2,374 thousand, 2016: €1,610 thousand) related to the Executive Board. Share-based payment Ascendis Pharma A/S has established warrant programs, equity-settled share-based payment transactions, as an incentive for all of our employees, members of our Board of Directors and select external consultants. Warrants are granted by the Board of Directors in accordance with authorizations given to it by the shareholders of Ascendis Pharma A/S. As of December 31, 2018, 8,078,187 warrants had been granted, of which 19,580 warrants have been cancelled, 2,212,528 warrants have been exercised, 2,168 warrants have expired without being exercised, and 232,282 warrants have been forfeited. As of December 31, 2018, our Board of Directors was authorized to grant up to 2,538,125 additional warrants to our employees, board members and select consultants without preemptive subscription rights for the shareholders of Ascendis Pharma A/S. Each warrant carries the right to subscribe for one ordinary share of a nominal value of DKK 1. The exercise price is fixed at the fair market value of our ordinary shares at the time of grant as determined by our board of directors. Vested warrants may be exercised in two or four annual exercise periods as described below. Apart from exercise prices and exercise periods, the programs are similar. Vesting Conditions Warrants issued during the period from 2008 to 2012 generally vested over 36 months with 1/36 of the warrants vesting per month from the date of grant. However, some of these warrants were subject to shorter vesting periods, to a minimum of 24 months. All such warrants have been exercised or have expired as of December 31, 2018. Effective from and after December 2012, warrants granted generally vest over 48 months with 1/48 of the warrants vesting per month from the date of grant. Effective from and after December 2016, certain warrants issued to board members vest over 24 months with 1/24 of the warrants vesting per month from the date of grant. Warrants generally cease to vest from the date of termination in the event that (i) the warrantholder terminates the employment contract and the termination is not a result of breach of the employment terms by us, or (ii) in the event that we terminate the employment contract and the warrantholder has given us good reason to do so. The warrantholder will, however, be entitled to exercise vested warrants in the first exercise period after termination. In the event that we terminate the employment contract and the warrantholder has not given us good reason to do so, the warrantholder may keep the right to continued vesting and exercise of warrants as if the employment was still in effect. In such case, any expense not yet recognized for the outstanding warrants is recognized immediately. Warrants issued to consultants, advisors and board members only vest so long as the consultant, advisor or board member continues to provide services to us. Exercise Periods Vested warrants may be exercised during certain exercise periods each year. For 657,749 outstanding warrants, there are two annual exercise periods that continue for 21 days from and including the day after the publication of (i) the annual report notification—or if such notification is not published—the annual report and (ii) our interim report (six-month (six-month second-to-last In the event of liquidation, a merger, a demerger or a sale or share exchange of more than 50% of our share capital, the warrantholders may be granted an extraordinary exercise period immediately prior to the transaction in which warrants may be exercised. Warrants not exercised by the warrantholder during the last exercise period shall become null and void without further notice or compensation or payment of any kind to the warrantholder. If the warrantholder is a consultant, advisor or board member, the exercise of warrants is conditional upon the warrantholder’s continued service to us at the time the warrants are exercised. If the consultant’s, advisor’s or board member’s relationship with us should cease without this being attributable to the warrantholder’s actions or omissions, the warrantholder shall be entitled to exercise vested warrants in the pre-defined Adjustments Warrantholders are entitled to an adjustment of the number of warrants issued and/or the exercise price applicable in the event of certain corporate changes. Events giving rise to an adjustment include, among other things, increases or decreases to our share capital at a price below or above market value, respectively, the issuance of bonus shares, changes in the nominal value of each share, and payment of dividends in excess of 10% of the Company’s equity. On January 13, 2015, in preparation for the Company’s IPO, the shareholders decided at an extraordinary general meeting to issue bonus shares in the ratio of 3:1 of the Company’s authorized, issued and outstanding ordinary and preference shares. The decision had a corresponding impact on the number of warrants issued and the exercise prices for outstanding warrants. Accordingly, the number of warrants was adjusted upwards in the ratio of 3:1 with a corresponding downward adjustment of the exercise prices in the ratio of 3:1. The effect of the bonus shares has been retrospectively reflected in all periods presented in these consolidated financial statements. Warrant Activity Warrant compensation cost is recognized in the consolidated statement of profit or loss over the vesting period of the warrants granted. 2018 2017 2016 (EUR’000) Research and development costs 10,225 4,775 3,722 General and administrative expenses 9,427 4,934 3,599 Total warrant compensation costs 19,652 9,709 7,321 The following table specifies number and weighted average exercise prices of, and movements in warrants during the year: Total Warrants Weighted Average Exercise Price EUR Outstanding at January 1, 2016 2,615,903 10.69 Granted during the year 1,202,500 17.69 Exercised during the year (1) (115,212 ) 7.63 Forfeited during the year (11,426 ) 13.88 Expired during the year — — Outstanding at December 31, 2016 3,691,765 13.05 Vested at the balance sheet date 1,439,066 9.36 Granted during the year 1,196,000 30.15 Exercised during the year (1) (193,171 ) 8.49 Forfeited during the year (73,440 ) 16.42 Expired during the year — — Outstanding at December 31, 2017 4,621,154 17.62 Vested at the balance sheet date 2,034,791 11.48 Granted during the year 1,637,375 54.43 Exercised during the year (1) (611,683 ) 10.82 Forfeited during the year (35,217 ) 28.24 Expired during the year — — Outstanding at December 31, 2018 5,611,629 29.03 Vested at the balance sheet date 2,478,770 15.81 (1) The weighted average share price (issued in $) at the date of exercise was €58.01, €26.75, and €16.74 for the financial years ended December 31, 2018, 2017, and 2016, respectively. The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2018, per grant year. Number of Weighted Weighted Granted in 2012 532,011 8.00 56 Granted in 2013 83,738 8.00 56 Granted in 2014 314,997 6.78 59 Granted in 2015 815,895 15.67 83 Granted in 2016 1,067,469 17.89 93 Granted in 2017 1,164,144 30.15 106 Granted in 2018 1,633,375 54.43 118 Outstanding at December 31, 2018 5,611,629 29.03 96 At December 31, 2018, the exercise prices of outstanding warrants under our warrant programs range from €6.48 to €60.23 depending on the grant dates. The range of exercise prices for outstanding warrants was €6.48 - €31.60, and €6.48 - €19.42, for the financial years ended December 31, 2017, and 2016, respectively. The weighted average remaining life for outstanding warrants was 112 months and 109 months, for the financial years ended December 31, 2017, and 2016, respectively. Warrant Compensation Costs Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Fair value of the warrants is calculated at the grant dates by use of the Black-Scholes Option Pricing model with the following assumptions: (1) an exercise price equal to or above the estimated market price of our shares at the date of grant; (2) an expected lifetime of the warrants determined as a weighted average of the time from grant date to date of becoming exercisable and from grant date to expiry of the warrants; (3) a risk free interest rate equaling the effective interest rate on a Danish government bond with the same lifetime as the warrants; (4) no payment of dividends; and (5) a volatility for comparable companies for a historic period equaling the expected lifetime of the warrants. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the warrants is indicative of future trends. The expected volatility has been calculated using a simple average of daily historical data of comparable publicly traded companies, as we do not have sufficient data for the volatility of our own share price. The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2018, 2017 and 2016: 2018 2017 2016 Expected volatility 53 – 57% 54 — 60% 57 — 60% Risk-free interest rate (0.23) – 0.46% (0.34) — 0.25% (0.32) — 0.30% Expected life of warrants (years) 5.05 – 7.14 5.05 — 7.10 5.05 — 7.13 Weighted average exercise price EUR 54.43 EUR 30.15 EUR 17.69 Fair value of warrants granted in the year EUR 17.90 – 31.81 EUR 9.65 — 17.29 EUR 5.78 — 11.07 |
Finance Income and Finance Expe
Finance Income and Finance Expenses | 12 Months Ended |
Dec. 31, 2018 | |
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Finance Income and Finance Expenses | Note 7—Finance Income and Finance Expenses 2018 2017 2016 (EUR’000) Interest income 4,020 923 123 Exchange rate gains 20,694 — 7,177 Total finance income 24,714 923 7,300 Interest expense (127 ) (97 ) (5 ) Exchange rate losses — (13,659 ) (3,107 ) Total finance expenses (127 ) (13,756 ) (3,112 ) Interest income and expenses relates to financial assets and liabilities measured at amortized cost. |
Tax on Profit_(Loss) for the Ye
Tax on Profit/(Loss) for the Year and Deferred Tax | 12 Months Ended |
Dec. 31, 2018 | |
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Tax on Profit/(Loss) for the Year and Deferred Tax | Note 8—Tax on Profit/(Loss) for the Year and Deferred Tax 2018 2017 2016 (EUR’000) Tax on profit/(loss) for the year: Current tax (expense)/income 394 477 227 394 477 227 Tax for the year can be explained as follows: Profit/(loss) before tax (130,491 ) (124,374 ) (68,732 ) Tax at the Danish corporation tax rate of 22% 28,708 27,362 15,121 Tax effect of: Non-deductible (4,327 ) (1,553 ) (1,153 ) Additional tax deductions 4,074 356 65 Share of profit/(loss) of associate (71 ) — — Unrecognized deferred tax from associate (2,312 ) — — Tax credits — (1,028 ) (740 ) Other effects including effect of different tax rates 143 598 266 Valuation adjustments on deferred tax assets (25,821 ) (25,258 ) (13,332 ) Tax on profit/(loss) for the year 394 477 227 Effective tax rate (0.30 )% (0.38 )% (0.33 )% No changes to deferred tax has been recognized in the consolidated statement of profit or loss for 2018, 2017 or 2016. 2018 2017 2016 (EUR’000) Specification of Deferred Tax Asset Tax deductible losses (74,120 ) (52,084 ) (27,188 ) Deferred income (3,092 ) (86 ) (144 ) Other temporary differences (1,324 ) (545 ) (124 ) Valuation allowances 78,536 52,715 27,456 Total Deferred Tax Asset at December 31 0 0 0 The deferred tax assets have not been recognized in the consolidated statements of financial position due to uncertainty relating to the future utilization. The deferred tax asset can be carried forward without timing limitations. For tax losses carried forward, certain limitations exist for amounts to be utilized each year. Under Danish tax legislation, tax losses may be partly refunded by the tax authorities to the extent such tax losses arise from research and development activities. For the year ended December 31, 2018, the jointly taxed Danish entities had a negative taxable income, and accordingly were entitled to a tax refund of approximately €0.7 million, compared to approximately €0.7 million and €0.7 million for the years ended December 31, 2017 and 2016, respectively. The parent company Ascendis Pharma A/S is jointly taxed with its Danish subsidiaries. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full absorption with refunds for tax losses). These companies are taxed under the on-account |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
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Intangible Assets | Note 9—Intangible Assets Goodwill (EUR’000) Cost: At January 1, 2017 3,495 Additions — December 31, 2017 3,495 Additions — December 31, 2018 3,495 Accumulated impairment: At January 1, 2017 — Impairment charge — At December 31, 2017 — Impairment charge — At December 31, 2018 — Carrying amount: At December 31, 2018 3,495 At December 31, 2017 3,495 Due to the risk associated with drug development, future income from development projects cannot be determined with sufficient certainty until the development activities have been completed and the necessary marketing approvals have been obtained. Accordingly, we do not recognize internally generated intangible assets at this time. Thus, all research and development costs incurred for the financial years ended December 31, 2018, 2017 and 2016, were recognized in the consolidated statement of profit or loss. Goodwill relates to the acquisition of Complex Biosystems GmbH (now Ascendis Pharma GmbH) in 2007. Goodwill was calculated as the excess amount of the purchase price to the fair value of identifiable assets acquired, and liabilities assumed at the acquisition date. Business combinations recognized before January 1, 2012, the Company’s date of transition to IFRS, have not been adjusted to IFRS 3, “Business Combinations”. Ascendis Pharma GmbH was initially a separate technology platform company but is now an integral part of our research and development activities, including significant participation in the development services provided to our external collaboration partners. Accordingly, it is not possible to look separately at Ascendis Pharma GmbH when considering the recoverable amount of the goodwill. Goodwill is monitored and tested for impairment on a consolidated level as we are considered to represent one cash-generating unit. The recoverable amount of the cash-generating unit is determined based on an estimation of the Company’s fair value less costs of disposal. We have determined the fair value of goodwill after taking into account the market value of our ADSs representing the enterprise value of our group enterprises as of the balance sheet date. The computation of our enterprise value significantly exceeded the carrying amount of our equity, leaving sufficient value to cover the carrying amount of goodwill. With reference to materiality, we have concluded that no further assumptions need to be applied in determining whether goodwill is impaired. Goodwill is tested for impairment on an annual basis at December 31, or more frequently, if indications of impairment are identified. There have been no impairments recognized in any of the periods presented. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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Property, Plant and Equipment | Note 10—Property, Plant and Equipment Plant and Other Leasehold Total (EUR’000) Cost: At January 1, 2017 3,967 1,494 620 6,081 Additions 540 371 30 941 Disposals — (224 ) — (224 ) At December 31, 2017 4,507 1,641 650 6,798 Additions 1,206 1,270 225 2,701 Disposals (68 ) (316 ) — (384 ) At December 31, 2018 5,645 2,595 875 9,115 Accumulated depreciation: At January 1, 2017 (2,676 ) (786 ) (269 ) (3,731 ) Depreciation charge (378 ) (292 ) (64 ) (734 ) Disposals — 224 — 224 At December 31, 2017 (3,054 ) (854 ) (333 ) (4,241 ) Depreciation charge (410 ) (415 ) (55 ) (880 ) Disposals 16 315 — 331 December 31, 2018 (3,448 ) (954 ) (388 ) (4,790 ) Carrying amount: At December 31, 2018 2,197 1,641 487 4,325 At December 31, 2017 1,453 787 317 2,557 Included in leasehold improvements at December 31, 2018 was an amount of €222 thousand (2017: €0 thousand) relating to expenditure for improvements under construction. 2018 2017 2016 (EUR’000) Depreciation charges are recognized as: Research and development costs (827 ) (701 ) (645 ) General and administrative expenses (53 ) (33 ) (32 ) Total depreciation charges (880 ) (734 ) (677 ) |
Investments in Group Enterprise
Investments in Group Enterprises | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Investments in Group Enterprises | Note 11—Investments in Group Enterprises Investments in Group enterprises comprise: Subsidiaries Domicile Ownership Ascendis Pharma GmbH Germany 100 % Ascendis Pharma, Inc. USA 100 % Ascendis Pharma Ophthalmology Division A/S Denmark 100 % Ascendis Pharma Endocrinology Division A/S Denmark 100 % Ascendis Pharma Bone Diseases A/S Denmark 100 % Ascendis Pharma Growth Disorders A/S Denmark 100 % Associate VISEN Pharmaceuticals Cayman Island 50 % |
Investment in Associate
Investment in Associate | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Investment in Associate | Note 12 —Investment in Associate VISEN Pharmaceuticals (“VISEN”) was formed in November 2018. The Company has granted VISEN exclusive rights to develop and commercialize TransCon hGH, TransCon PTH and TransCon CNP in Greater China (the “Territory”), and as consideration for the granting of such rights has received a 50% ownership of VISEN. The other investors contributed, in aggregate, $40 million in cash as their consideration for remaining 50% ownership. VISEN is a private entity not listed on any public exchange, with business activities within developing, manufacturing and commercialization of endocrinology rare disease therapies in the Territory. The Company’s interest in VISEN is accounted for as an associate using the equity method in the consolidated financial statements as the Company has determined that it has significant influence but not joint control. The following table illustrates the summarized relevant financial information of our investment in VISEN. 2018 VISEN Pharmaceuticals Principal place of business Cayman Island Ownership 50 % (EUR’000 ) Profit or loss Profit / (loss) for the year (642 ) Financial position Non-current 34,819 Current assets 34,155 Non-current — Current liabilities 9 Equity 68,965 Company's share of equity before eliminations 34,483 Elimination of profit recognized at December 31 (17,400 ) Company's share of equity 17,083 Investment in associate at December 31 17,083 VISEN requires the Company’s consent to distribute dividend and incur indebtedness outside the normal course of business. At the reporting date, the Company has not given such consent. VISEN had no contingent liabilities or capital commitments as at December 31, 2018. At the date these consolidated financial statements are authorized for use, no events have occurred after the balance sheet date that would influence the evaluation of these consolidated financial statements. Transactions with VISEN in 2018 relate to the grant of three exclusive licenses, whereby the Company has received non-cash In the consolidated financial statements for 2018, €10.5 million was recognized as license income in the profit or loss, and €6.9 million is recognized as contract liabilities (deferred income) in the consolidated statement of financial position. Please refer to note 4 and note 15. There are no trade balances held relating to VISEN at December 31, 2018. Similarly, no loans have been granted to or obtained from VISEN, respectively. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2018 | |
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Share Capital | Note 13—Share Capital The share capital of Ascendis Pharma A/S consists of 42,135,448 fully paid shares at a nominal value of DKK 1, all in the same share class. The number of shares of the Company are as follows: 2018 2017 2016 2015 2014 Changes in share capital Beginning of year 36,984,292 32,421,121 25,128,242 16,935,780 10,801,948 Increase through cash contribution 5,151,156 4,563,171 7,292,879 8,192,462 6,133,832 End of year 42,135,448 36,984,292 32,421,121 25,128,242 16,935,780 |
Distributable Equity
Distributable Equity | 12 Months Ended |
Dec. 31, 2018 | |
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Distributable Equity | Note 14—Distributable Equity Share Premium Reserve Share premium comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Under Danish legislation, share premium is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Also, under Danish legislation, the share premium reserve can be used to offset accumulated deficits. Foreign Currency Translation Reserve Exchange rate differences relating to the translation of the results and net assets of our foreign operations and associate from their functional currencies to our presentation currency are recognized directly in other comprehensive income and accumulated in the foreign currency translation reserve. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Share-Based Payment Reserve Warrants granted under our employee warrant program carry no rights to dividends and no voting rights. The share-based payment reserve represents the fair value of warrants recognized from grant date. Further details of the employee warrant program are provided in Note 6. Share-based payment reserve is an unrestricted reserve that is available to be distributed as dividends to a company’s shareholders. Retained Earnings or Accumulated Deficits Retained earnings or accumulated deficits represent the accumulated profit or losses from the Company’s operations. A positive balance of retained earnings is available to be distributed as dividends to a company’s shareholders. |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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Contract liabilities | Note 15—Contract liabilities Deferred income was €6.9 million and €0 million, for the financial years ended December 31, 2018 and 2017, respectively, and relate to partially satisfied performance obligations due to our ongoing research and development of licensed product candidates. The majority of the deferred income relating to partially satisfied performance obligations recognized at December 31, 2018, are expected to be recognized as revenue in 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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Commitments and Contingencies | Note 16—Commitments and Contingencies Operating Leases We operate from leased premises in Denmark, Germany and the US. In addition, we have entered into operating leases for equipment. The total lease commitment (minimum lease payments) under operating leases was: 2018 2017 (EUR’000) Within 1 year 4,220 2,951 Within 1 to 5 years 11,798 12,485 After 5 years 3,609 3,957 Total commitments held under operating leases 19,627 19,393 Lease arrangements regarding our premises are subject to extension options, providing us with the right (not obligation) to extend the lease after the initial term. Other than already exercised extension options, no extension options are deemed reasonably certain to be exercised at December 31, 2018. Total expenses under operating leases were €2.7 million, €1.6 million, and €1.5 million for the financial years ended December 31, 2018, 2017, and 2016, respectively. Of other contractual commitments, the Company has entered into service contracts of various lengths in respect of research and development, IT- |
Financial Risk Management and F
Financial Risk Management and Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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Financial Risk Management and Financial Instruments | Note 17—Financial Risk Management and Financial Instruments Our financial assets and liabilities comprise the following; 2018 2017 (EUR’000) Financial assets: Deposits 1,158 293 Trade receivables 6 188 Cash and cash equivalents 277,862 195,351 Financial assets measured at amortized cost 279,026 195,832 Financial liabilities Trade payables 19,740 17,434 Financial liabilities measured at amortized cost 19,740 17,434 The carrying amounts of the financial assets and financial liabilities are estimated being in line with the fair value due to the short-term nature of the balances. Capital Management We manage our capital to ensure that all group enterprises will be able to continue as going concerns while maximizing the return to shareholders through the optimization of our debt and equity balance. Our overall strategy in this regard has remained unchanged since 2012. Our capital structure consists only of equity comprising issued capital, reserves and retained earnings. We do not hold any external debt. We are not subject to any externally imposed capital requirements. We review our capital structure on an ongoing basis. As we do not have external debt, such review currently comprises a review of the adequacy of our capital compared to the resources required for carrying out our activities. Financial Risk Management Objectives We regularly monitor the access to domestic and international financial markets, manage the financial risks relating to our operations, and analyze exposures to risk, including market risk, such as currency risk and interest rate risk, credit risk and liquidity risk. We seek to minimize the effects of these risks by managing transactions and holding positions in the various currencies used in our operations. We do not enter or trade financial instruments for speculative purposes. Market Risk Our activities primarily expose our group enterprises to the financial risks of changes in foreign currency exchange rates and interest rates. We do not enter derivative financial instruments to manage our exposure to such risks. Foreign Currency Risk Management Our foreign exchange rate risks are unchanged to prior year. We are exposed to foreign exchange risks arising from various currency exposures, primarily with respect to the US Dollar, the British Pound and the Danish Krone. Future milestone payments, which we are entitled to upon meeting underlying thresholds, are dominated in US Dollar. Further, the proceeds from our series D financing in November 2014, our IPO in February 2015 and our follow-on Foreign Currency Sensitivity Analysis We are primarily exposed to US Dollars (USD), British Pounds (GBP), and Danish Kroner (DKK). There is an official target zone of 4.50% between DKK and EUR, which limits the likelihood of significant fluctuations between those two currencies in a short time-frame. The following table details our sensitivity to a 10% increase and decrease in EUR against USD and GBP, respectively. 10% represents our assessment of the reasonably possible change in foreign currency rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period-end Hypothetical impact on consolidated financial statements 2018 Nominal Increase in rate Profit or loss Equity before USD/EUR 178,308 10 % 17,831 17,831 GBP/EUR (816 ) 10 % (82 ) (82 ) Hypothetical impact on consolidated financial statements 2017 Nominal Increase in rate Profit or loss Equity before USD/EUR 183,362 10 % 18,336 18,336 GBP/EUR 1,163 10 % 116 116 Interest Rate Risk Management As we have no interest-bearing debt to third parties, derivatives or financial assets and liabilities measured at fair value, our exposure to interest rate risk primarily relates to the interest rates for our positions of cash and cash equivalents. Our future interest income from interest-bearing bank deposits and short-term investments may fall short of expectations due to changes in interest rates. We do not consider the effects of interest rate fluctuations to be a material risk to our financial position. Accordingly, no interest sensitivity analysis has been presented. Credit Risk Management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. We consider all of our material counterparties to be creditworthy. Our exposure to credit risk is continuously monitored, in particular, if agreed payments are delayed. While the concentration of credit risk is significant, we consider the credit risk for each of our individual counterparts to be low. Accordingly, since we had no significant trade receivables at December 31, 2018 or December 31, 2017, and our deposits are held with suppliers that are frequently used in our operations, we have made no provision for trade receivables or deposits. Our maximum exposure to credit risk primarily relates to our cash and cash equivalents. The credit risk on cash and cash equivalents is limited because the counterparties, holding significant deposits, are banks with high credit-ratings assigned by international credit-rating agencies. The banks are reviewed on a regularly basis and our deposits may be transferred during the year to mitigate credit risk. We have considered the risk of Expected Credit Loss over our cash deposits, including the hypothetical impact arising from the probability of default (past due with 90 days) considering in conjunction with the expected loss given default from banks with similar credit rating and attributes. Our assessment did not reveal an expected material impairment loss, and accordingly we have made no provision for bank deposits. Liquidity Risk Management We manage our liquidity risk by maintaining adequate cash reserves and banking facilities, and by continuously monitoring our cash forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. We monitor the risk of a shortage of funds using a liquidity planning tool, to ensure enough funds available to settle liabilities as they fall due. We do not hold any long-term interest-bearing debt, and accordingly all financial liabilities fall due within 12 months. Historically we have addressed the risk of insufficient funds through proceeds from our series D financing, our IPO, and our follow-on |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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Related Party Transactions | Note 18—Related Party Transactions The Board of Directors and Executive Board (Key Management Personnel) are considered related parties as they have authorities and responsibilities with planning and directing our operations. Related parties also include undertakings in which such individuals have a controlling or joint controlling interest. Additionally, all our group enterprises and our associate are considered related parties. Neither our related parties nor our major shareholders hold a controlling or joint controlling interest in the Group. We have entered into employment agreements with and issued warrants to Key Management Personnel. In addition, we are paying fees for board tenure and board committee tenure to the independent members of our Board of Directors. Please refer to note 6. Transactions between group enterprises comprise management and license fees, research & development services, and clinical supplies. These transactions have been eliminated in the consolidated financial statements. Transactions and outstanding balances with our associate VISEN are disclosed in note 12. We have entered into indemnification agreements with our board members and members of our senior management. Except for the information disclosed above, we have not undertaken any significant transactions with members of the Key Management Personnel, or undertakings in which the identified related parties have a controlling or joint controlling interest. |
Ownership
Ownership | 12 Months Ended |
Dec. 31, 2018 | |
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Ownership | Note 19—Ownership The following persons, or groups of affiliated persons, are known by us to beneficially own more than 5% of our outstanding ordinary shares: • Entities affiliated with RA Capital Management, LLC, USA • OrbiMed Private Investments V, L.P., USA • Entities affiliated with FMR LLC, USA • Baker Bros. Advisors LP • T. Rowe Price Associates, Inc., USA • Entities affiliated with Vivo Capital, USA The Company’s American Depository Shares are held through BNY (Nominees) Limited as nominee, of The Bank of New York Mellon, UK (as registered holder of the Company’s outstanding ADSs). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
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Subsequent Events | Note 20—Subsequent Events On March 5, 2019, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, and Evercore Group L.L.C., as representatives of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell 4,166,667 ADSs to the Underwriters (the “March 2019 Offering”). The ADSs were sold at a public offering price of $120.00 per ADS and were purchased by the Underwriters from the Company at a price of $112.80 per ADS. Under the terms of the Underwriting Agreement, the Company granted the Underwriters the right, for 30 days, to purchase from the Company up to 625,000 additional ADSs at the public offering price, less the underwriting commissions. On March 11, 2019, the Underwriters exercised their option in full to purchase the additional 625,000 ADSs. On March 14, 2019, the March 2019 Offering closed and the Company completed the sale and issuance of an aggregate of 4,791,667 ADSs. The Company received net proceeds from the March 2019 Offering of approximately $539.8 million, or €476.9 million at the date of closing, after deducting the Underwriters’ commissions and the Company’s estimated offering expenses. No other events have occurred after the balance sheet date that would influence the evaluation of these consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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Basis of Preparation | Basis of Preparation The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, and as adopted by the European Union, or EU. The accounting policies applied when preparing the consolidated financial statements are described in detail below and are applied for all entities. Unless otherwise stated under the section “Changes in Accounting Policies and Disclosures” below, these policies have been applied consistently to all years presented. Significant accounting estimates used when exercising the accounting policies are described in Note 3. Our consolidated financial statements have been prepared under the historical cost convention, apart from certain financial instruments that are measured at fair value at initial recognition. |
Changes in Accounting Policies and Disclosures | Changes in Accounting Policies and Disclosures New and Amended Standards and Interpretations As of January 1, 2018, the Company has adopted IFRS 9, “Financial Instruments”, which introduces a new impairment model for financial assets measured at amortized cost based on an expected credit loss model, which currently applies to the Company’s bank deposits, trade receivables and deposits. The implementation of the impairment model under IFRS 9 had no impact on the consolidated financial statements. At December 31, 2017, €17.4 million of trade payables and €6.3 million of other payables were combined and presented as a single amount of trade payables and other payables under current liabilities in the consolidated statements of financial position. In connection with adoption of IFRS 9, and in order to separate financial liabilities from other payables, we have from December 31, 2018, presented other payables separately from trade payables in the consolidated statements of financial position. Comparative figures have been reclassified to reflect the change in presentation. The adoption of IFRS 9 had no other impact on the consolidated financial statements. Further, the Company has adopted IFRS 15, “Revenue from Contracts with Customers”, which establishes a single, comprehensive framework for revenue recognition, based on a five-step model, which applies to the Company’s licensing agreements with multiple activities. IFRS 15 was adopted as of January 1, 2018 using the “retrospective method with the cumulative effect of initially applying this standard recognized at the date of the initial application”. The adoption of IFRS 15 had no impact on the consolidated financial statements. |
Going Concern | Going Concern The Company’s Board of Directors has, at the time of approving the consolidated financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the financial statements. |
Recognition and Measurement | Recognition and Measurement Assets are recognized in the consolidated statements of financial position when it is probable, as a result of a prior event, that future economic benefits will flow to us and the value of the asset can be measured reliably. Liabilities are recognized in the consolidated statements of financial position when we have a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow from us and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost or at fair value, depending on the classification of the items. Measurement subsequent to initial recognition is affected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the consolidated financial statements and that confirm or invalidate affairs and conditions existing at the consolidated statements of financial position date are considered at the time of recognition and measurement. Income is recognized in the consolidated statements of profit or loss when earned, whereas costs are recognized by the amounts attributable to the financial year. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include our parent company, Ascendis Pharma A/S, and all enterprises over which the parent company has control. We control an enterprise when we are exposed to, or have rights to, variable returns from our involvement with the enterprise and have the ability to control those returns through our power over the entity. Accordingly, the consolidated financial statements include Ascendis Pharma A/S and the subsidiaries listed in Note 11. |
Consolidation Principles | Consolidation Principles The consolidated financial statements comprise the Company, and its subsidiaries at December 31, 2018. Subsidiaries, which are enterprises where we have control, at the balance sheet date are fully consolidated from the date upon which control is transferred to us. They are deconsolidated from the date control ceases. We re-assess • The contractual arrangement(s) with the other vote holders of the enterprise • The Group’s voting rights and potential voting rights • Rights arising from other contractual arrangements All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between our group enterprises are eliminated in full on consolidation. Subsidiaries and our associate apply accounting policies in line with the Company’s accounting policies. When necessary, adjustments are made to bring the entities’ accounting policies in line with those of the Company. An associate is an entity over which we have significant influence over financial and operational decisions but where we have neither control nor joint control. The Company’s associate is accounted for using the equity method. Under the equity method, the associate is initially recognized at cost. Thereafter, the carrying amount of the investment is adjusted to recognize changes in the Company’s share of net assets of the associate since the acquisition date. The consolidated statements of profit or loss includes the Company’s share of result after tax and non-controlling After application of the equity method, we determine whether it is necessary to recognize an impairment loss related to the associate. Accordingly, at each reporting date, we determine whether there is objective evidence that the associate is impaired. If there is such evidence, we calculate the amount of impairment as the difference between the recoverable amount of the associate and its carrying value. Any impairment loss is recognized within share of profit/(loss) of associate in the consolidated statements of profit or loss. |
Foreign Currency | Foreign Currency Functional and Presentation Currency Items included in the consolidated financial statements are measured using the functional currency of each Group entity. Functional currency is the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euro (EUR), which is also the functional currency of the parent company. Translation of Transactions and Balances On initial recognition, transactions in currencies other than the individual entity’s functional currency are translated applying the exchange rate in effect at the date of the transaction. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate in effect at the balance sheet date. Exchange rate differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognized in profit or loss as financial income or financial expenses. Property, plant and equipment, intangible assets and other non-monetary Currency Translation of Group Enterprises When subsidiaries or associates that present their financial statements in a functional currency other than EUR are recognized in the consolidated financial statements, their statements of profit or loss are translated at average exchange rates. Balance sheet items are translated using the exchange rates at the balance sheet date. Exchange rate differences arising from translation of foreign entities’ balance sheet items at the beginning of the year to the balance sheet date exchange rates as well as from translation of statements of profit or loss from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Similarly, exchange rate differences arising from changes that have been made directly in a foreign subsidiary’s equity are recognized in other comprehensive income. |
Business Combinations | Business Combinations Newly acquired or newly established subsidiaries are recognized in the consolidated financial statements from the time of acquiring or establishing such enterprises. Time of acquisition is the date on which control of the enterprise is actually acquired. When acquiring new enterprises over which we obtain control, the acquisition method is applied. Under this method, we identify assets, liabilities and contingent liabilities of these enterprises and measure them at fair value at the acquisition date. Restructuring costs are only recognized in the pre-acquisition The acquisition price for an enterprise consists of the fair value of the consideration paid for the acquired enterprise. Costs that are attributable to the acquisition of the enterprise are recognized in the consolidated statement of profit or loss when incurred. The excess of the consideration transferred, the amount of any non-controlling Goodwill is subject to annual impairment test. Impairment is calculated as the difference between the recoverable amount of the cash-generating unit that the goodwill relates to, and it’s carrying amount. Any impairment loss is recognized in the consolidated statement of profit or loss in a separate line item. |
Revenue | Revenue Our revenue is primarily generated from collaboration- and license agreements. Further, we also generate revenue from development services under development and commercialization agreements. Additionally, revenue is generated from feasibility studies for potential partners to evaluate if our TransCon technologies enables certain advantages for their product candidates of interest. Such feasibility studies are often structured as short-term agreements with fixed fees for the work that we perform. With reference to “Changes to accounting policies and disclosures”, the Company has adopted IFRS 15, “Revenue from Contracts with Customers”, effective from January 1, 2018. Thus, until December 31, 2017 revenue was recognized when it was probable that future economic benefits would flow to us and these benefits could be measured reliably. Further, revenue recognition required that all significant risks and rewards of ownership of the goods or services included in the transaction had been transferred to the buyer, and that we retained neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods or services sold. From January 1, 2018, upon adoption of IFRS 15, when we enter into contract with customers, we assess the goods and/or services promised in the contract and identify distinct performance obligations. A promise in the agreement is considered a distinct performance obligation if both of the following criteria are met: • the customer can benefit from the goods or service either on its own or together with other resources that are readily available to the customer (i.e. the goods or service is capable of being distinct); and • the entity’s promise to transfer the goods or service to the customer is separately identifiable from other promises in the contract (i.e. the promise to transfer the goods or service is distinct within the context of the contract). Under collaboration-, license, and other agreements that contain multiple promises to the customer, the promises are identified and accounted for as separate performance obligations, if these are distinct. If promises are not distinct, we combine those goods or services with other promised goods or services until we identify a bundle of goods or services that is distinct. The transaction price in the contract is measured at fair value and reflects the consideration we expect to be entitled to in exchange for those goods or services. In the transaction price, variable consideration including milestone payments, is only included to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation according to their stand-alone selling prices and is recognized when control of the goods or services are transferred to the customer either, over time or at a point in time. Revenue is stated net of value added tax, duties, etc. collected on behalf of a third party, and discounts. Usually the payment terms are within 1-2 The transition to IFRS 15 had no impact on recognition and measurement of revenue. |
Research and Development Costs | Research and Development Costs Our research and development costs consist primarily of manufacturing costs, preclinical and clinical study costs, salaries and other personnel costs including pension and share-based payment, the cost of facilities, the cost of obtaining and maintaining our intellectual property portfolio, and the depreciation of assets used in research and development activities. Research costs comprise costs incurred at the early stages of the drug development cycle from the initial drug discovery and are recognized in the consolidated statement of profit or loss when incurred. A development project involves a single product candidate undergoing a series of studies to illustrate its safety profile and effect on human beings prior to obtaining the necessary approval from the appropriate authorities. Due to the risk related to the development of pharmaceutical products, we cannot estimate the future economic benefits associated with individual development projects with sufficient certainty until the development project has been finalized and the necessary market approval of the final product has been obtained. As a consequence, all development costs are recognized in the consolidated statement of profit or loss in the period to which they relate. Development costs also comprise manufacturing costs related to validation batches, or process performance qualification batches on late-stage development projects. |
General and Administrative Expenses | General and Administrative Expenses General and administrative expenses comprise salaries and other personnel costs including pension and share-based payment, office supplies, cost of facilities, and depreciation and amortization related to administrative activities. General and administrative expenses are recognized in the consolidated statement of profit or loss in the period to which they relate. |
Share-based Incentive Programs | Share-based Incentive Programs Share-based incentive programs under which board members, employees and external consultants have the option to purchase shares in Ascendis Pharma A/S (equity-settled share-based payment arrangements) are measured at the equity instrument’s fair value at the grant date. The cost of equity-settled transactions is determined by the fair value at the date of grant using the Black-Scholes valuation model. The cost is recognized together with a corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled, the vesting period. The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period for each tranche, based on our best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for grants that do not ultimately vest. Where an equity-settled grant is cancelled, it is treated as if it vested on the date of the cancellation, and any expense not yet recognized for the grant is recognized immediately. This includes any grant where non-vesting Where the terms and conditions for an equity-settled grant is modified, we recognize as minimum the services measured at the grant date fair value over the vesting period. Additionally, we re-measure If a new grant is substituted for the cancelled grant and designated as a replacement grant on the date that it is granted, the cancelled and new grants are treated as if they were a modification of the original grant, as described in the previous paragraph. Any social security contributions payable in connection with the grant or exercise of the warrants are recognized as incurred. The assumptions used for estimating the fair value of share-based payment transactions are disclosed in Note 6. |
Finance Income and Expenses | Finance Income and Expenses Finance income and expenses comprise interest income and expenses and realized and unrealized exchange rate gains and losses on transactions denominated in foreign currencies. Interest income and interest expenses are stated on an accrual basis using the principal and the effective interest rate. The effective interest rate is the discount rate that is used to discount expected future payments related to the financial asset or the financial liability in order for the present value of such asset or liability to match their carrying amount. |
Income Taxes | Income Taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the consolidated statement of profit or loss by the portion attributable to the profit or loss for the year and recognized directly in equity or other comprehensive income by the portion attributable to entries directly in equity and in other comprehensive income. The current tax payable or receivable is recognized in the balance sheet, stated as tax computed on this year’s taxable income, adjusted for prepaid tax. When computing the current tax for the year, the tax rates and tax rules enacted or substantially enacted at the balance sheet date are used. Current tax payable is based on taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the consolidated statements of profit or loss because it excludes items of income or expense that are taxable or deductible in prior or future years. It also further excludes items that are never taxable or deductible. Deferred tax is recognized according to the balance sheet liability method of all temporary differences between carrying amounts and tax-based Deferred tax liabilities are recognized on all temporary differences related to investments in our subsidiaries, unless we are able to control when the deferred tax is realized, and it is probable that the deferred tax will not become due and payable as current tax in the foreseeable future. Deferred tax is calculated based on the planned use of each asset and the settlement of each liability, respectively. Deferred tax is measured using the tax rates and tax rules in the relevant countries that, based on acts in force or acts in reality in force at the balance sheet date, are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax resulting from changed tax rates or tax rules are recognized in the consolidated statement of profit or loss unless the deferred tax is attributable to transactions previously recognized directly in equity or other comprehensive income. In the latter case, such changes are also recognized in equity or other comprehensive income. Deferred tax assets, including the tax base of tax loss carry forwards, are recognized in the balance sheet at their estimated realizable value, either as a set-off |
Intangible Assets | Intangible Assets Goodwill Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. Subsequent costs are included in the carrying amount of the asset or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the assets will flow to us and the costs of the items can be measured reliably. All repair and maintenance costs are charged to the consolidated statement of profit or loss during the financial periods in which they are incurred. Plant and equipment acquired for research and development activities, which are expected to be used for research and development activities for more than one year, are capitalized and depreciated over the estimated useful life as research and development costs. If the acquisition or use of the asset involves an obligation to incur costs of decommissioning or restoration of the asset, the estimated related costs are recognized as a provision and as part of the relevant asset’s cost, respectively. The basis for depreciation is cost less estimated residual value. The residual value is the estimated amount that would be earned if selling the asset today net of selling costs, assuming that the asset is of an age and a condition that is expected after the end of its useful life. The cost of a combined asset is divided into smaller components, with such components depreciated individually if their useful lives vary. Depreciation commences when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in the manner we intend. Depreciation is calculated on a straight-line basis from the following assessment of an asset’s expected useful life: Process plant and machinery 5 - 10 years Other fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 3 - 5 years The useful life for plant and equipment used in specific development activities, reflects the estimated time of the relevant development project. Depreciation methods, useful lives and residual amounts are re-assessed Property, plant and equipment are written down to the lower of recoverable amount and carrying amount, as described in the “Impairment” section below. Depreciation, impairment losses and gains and losses on disposal of property, plant and equipment are recognized in the consolidated statement of profit or loss as research and development costs or as general and administrative expenses, as appropriate. |
Impairment | Impairment Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The recoverable amount of goodwill is estimated annually irrespective of any recorded indications of impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows, or cash-generating units, which for goodwill represent the lowest level within the enterprise at which the goodwill is monitored for internal management purposes. Prior impairments of non-financial |
Receivables | Receivables Receivables comprise deposits, trade receivables, and other receivables, which are separately presented in the consolidated statements of financial position. With reference to “Changes to accounting policies and disclosures”, the Company has adopted IFRS 9, “Financial Instruments”, effective as of January 1, 2018. Thus, until December 31, 2017, deposits and trade receivables were classified as loans and receivables, constituting financial assets with fixed or determinable payments. Receivables were initially recognized at their fair value, and subsequently measured at amortized cost. From January 1, 2018, receivables (excluding receivables related to VAT and other indirect tax receivables) are classified as financial assets at amortized cost, as these are held to collect contractual cash flows and thus give rise to cash flows representing solely payments of principal and interest. Trade receivables are initially recognized at their transaction price and subsequently measured at amortized cost. Deposits are initially measured at their fair value and subsequently measured at amortized cost. Other receivables comprise VAT and other indirect tax receivables, and thus not classified as financial assets, are measured at cost less impairment. The carrying amount of receivables usually equals their nominal value less provision for impairments. |
Prepayments | Prepayments Prepayments comprise costs relating to a future financial period. Prepayments are measured at cost. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents comprise cash and demand deposits with financial institutions. Cash and cash equivalents are measured at amortized cost. |
Allowance for Expected Credit Losses on Financial Assets | Allowance for Expected Credit Losses on Financial Assets Financial assets comprise receivables (excluding receivables relating to VAT and other indirect tax receivables), and cash and cash equivalents. In connection with adoption of IFRS 9, the Company has implemented a new impairment model for financial assets measured at amortized cost based on an expected credit loss model. Until December 31, 2017, provision for bad debts on financial assets was determined on the basis of an individual assessment of each receivable and recognized using an allowance account. From January 1, 2018 provision for bad debts is determined on the basis of a forward-looking expected credit loss (ECL”) model. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that we expect to receive, discounted at an approximation of the original effective interest rate. For receivables, we will apply a simplified approach in calculating ECLs. Therefore, we will not track changes in credit risk, but instead we will assess a loss allowance based on lifetime ECL at each reporting date. Lifetime ECLs will be assessed on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For cash and cash equivalents, ECLs are assessed in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are assessed for credit losses that result from default events that are possible within the next 12-months (“12-month |
Shareholders' Equity | Shareholders’ Equity The share capital comprises the nominal amount of the parent company’s ordinary shares, each at a nominal value of DKK 1, or approximately €0.13. All shares are fully paid. Share premium reserve comprises the amounts received, attributable to shareholders’ equity, in excess of the nominal amount of the shares issued at the parent company’s capital increases, reduced by any expenses directly attributable to the capital increases. Foreign currency translation reserve includes exchange rate adjustments relating to the translation of the results and net assets of our foreign operations from their functional currencies to our presentation currency. The accumulated reserve of a foreign operation is recognized in the consolidated statement of profit or loss at the time we lose control, and thus cease to consolidate such foreign operation. The foreign currency translation reserve is an unrestricted reserve that is available to be distributed as dividends to the Company’s shareholders. Reserve for share-based payment represents the corresponding entries to the share-based payment recognized in the consolidated statement of profit or loss, arising from our warrant programs. Retained earnings or accumulated deficit represents the accumulated profits or losses from the Company’s operations. A positive reserve is available to be distributed as dividends to the Company’s shareholders. |
Leases | Leases Leases of property, plant and equipment, where we have substantially all of the risks and rewards of ownership, are classified as finance leases. Other leases are classified as operating leases. No finance leases were in place at December 31, 2018 or December 31, 2017. Lease payments on operating leases are recognized on a straight-line basis in the consolidated statement of profit or loss over the term of the lease. Total commitments under operating leases is disclosed in note 16. |
Trade Payables | Trade Payables Trade payables including accrued expenses are measured at amortized cost applying the effective interest method to the effect that the difference between proceeds and nominal amount is recognized in the consolidated statement of profit or loss as a financial expense over the term of the liability. |
Other Payables | Other Payables Other payables comprise payables to public authorities, and short-term employee benefits payable within one year. Other payables are measured at their net-realizable |
Contract Liabilities | Contract Liabilities Contract liabilities comprise deferred income from collaboration agreements and license agreements, where consideration received do not match the individual deliverables with respect to amount and satisfied performance obligations. Deferred income typically arises from up-front up-front up-front Deferred income is recognized as revenue in the consolidated statement of profit or loss when the relevant performance obligation, to which the deferred revenue relates, is satisfied. |
Cash Flow Statement | Cash Flow Statement The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the profit or loss adjusted for non-cash Cash flows from investing activities comprise payments in connection with acquisitions, development, improvement and sale, etc. of intangible assets, property, plant and equipment, and group enterprises. Cash flows from financing activities comprise changes in the share capital of Ascendis Pharma A/S and related costs. The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is presented separately from cash flows from operating, investing and financing activities. Cash flows in currencies other than the functional currency are recognized in the cash flow statement, using the average exchange rates. Cash and cash equivalents comprise cash at hand and deposits with financial institutions. Any restricted cash included in the balance of cash and cash equivalents is presented as an additional disclosure in the cash flow statement. |
Segment Reporting | Segment Reporting We are managed and operated as one operating and reportable segment. No separate operating segments or reportable segments have been identified in relation to product candidates or geographical markets. Accordingly, except for entity wide disclosures, we do not disclose segment information on business segments or geographical markets. |
Basic EPS | Basic EPS Basic Earnings per Share, or EPS, is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding. |
Diluted EPS | Diluted EPS Diluted earnings per share is calculated as the consolidated net income or loss from continuing operations for the period divided by the weighted average number of ordinary shares outstanding adjusted for the dilutive effect of share equivalents. If the consolidated statement of profit or loss shows a net loss, no adjustment is made for the dilutive effect, as such effect would be anti-dilutive. |
New International Financial Reporting Standards Not Yet Effective | New International Financial Reporting Standards Not Yet Effective The IASB has issued, and the European Union has adopted, a number of new or amended standards, which have not yet become effective. Therefore, these new standards have not been incorporated in these consolidated financial statements. Our financial reporting is expected to be affected by such new or improved standards to the extent described below. • In January 2016, the IASB issued IFRS 16 “Leases”. The standard was endorsed by the EU in 2017 and will be effective for annual periods beginning on or after January 1, 2019 and replaces the current IAS 17 “Leases”. IFRS 16 requires, with a few exceptions, lessees to recognize assets (“right-of-use non-cancellable We will implement IFRS 16, by applying the modified retrospective approach. Accordingly, no comparative information will be restated, and the cumulative impact from implementing the standard will be recognized through retained earnings in the opening balance at January 1, 2019. The lease liability and corresponding lease asset will be measured at the present value of the remaining lease payments, discounted using an estimated incremental borrowing rate at January 1, 2019. In the consolidated statement of financial position at January 1, 2019, we will recognize a right-of-use asset of €18.0 million, which include prepaid leases at December 31, 2018, and a lease liability of €17.4 million. Additionally, since lease payments will be classified as payments and interest on lease liabilities, the consolidated statement of profit or loss for 2019 will be impacted, from the leases in effect at January 1, 2019, with an increase in operating profit of €349 thousand, and an increase of financial expenses of €492 thousand. Accordingly, the net impact on the consolidated statement of profit or loss for 2019 from implementing IFRS 16 is a net loss of €143 thousand. Leases in effect at January 1, 2019, will impact cash outflow from financing activities for 2019 with €4.3 million, with a corresponding increase in cash flows from operating activities. |
Collaboration Agreements | Collaboration Agreements Identifying Performance Obligations Our two collaboration agreements in place were entered in 2010 and 2013, respectively. The agreements include grant of licenses and contemplate our involvement in the ongoing research and development of our partnered product candidates. At the time the collaboration agreements were entered, the product candidates were early-stage development projects, where the partnered development activities were considered single performance obligations. Accordingly, up-front |
License Agreements | License Agreements The judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers relates to three license agreements, which were entered into in 2018. Identifying Performance Obligations and Allocating Transaction Price The three license agreements grant the licensee exclusive rights to develop, manufacture, and commercialize the patented product candidates in Greater China (the “Territory”), including the right to grant sub-licenses In determination of the performance obligations under the license agreements, we have considered the stand-alone values of the promises in the contracts, and our responsibility in the future development activities including bringing the licensed products to market in the Territory. While licensed product candidates are all in phase 1 or later, we have concluded that the licensee can benefit from each promise in the contract either on their own or together with readily available resources. Thus, each of the license agreements comprise following distinct performance obligations, licenses, development services, and clinical trial supplies, respectively. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Asset's Expected Useful Life | Depreciation is calculated on a straight-line basis from the following assessment of an asset’s expected useful life: Process plant and machinery 5 - 10 years Other fixtures and fittings, tools and equipment 3 - 5 years Leasehold improvements 3 - 5 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Revenue Recognized in Consolidated Statement of Profit or Loss | Revenue has been recognized in the consolidated statements of profit or loss with the following amounts: 2018 2017 2016 (EUR’000) Revenue from the rendering of services (recognized over time) 1,215 1,530 1,628 “Right-to-access” — — 2,978 “Right-to-use” 9,366 — — Total revenue 10,581 1,530 4,606 2018 2017 2016 (EUR’000) Revenue from external customers (geographical) North America 10,581 1,530 4,606 Total revenue 10,581 1,530 4,606 |
Staff Cost (Tables)
Staff Cost (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Staffing Cost | 2018 2017 2016 (EUR’000) Wages and salaries 29,418 19,918 15,288 Share-based payment 19,652 9,709 7,321 Pensions (defined contribution plans) 444 324 49 Social security costs 1,793 1,156 913 Total staff costs 51,307 31,107 23,571 Average number of employees 167 121 92 |
Summary of Staff Costs Recognized in the Statement of Profit and Loss | Staff costs are recognized in the consolidated statement of profit or loss as follows: 2018 2017 2016 (EUR’000) Research and development costs 34,146 21,845 115,829 General and administrative expenses 17,161 9,262 7,742 Total staff costs 51,307 31,107 23,571 |
Summary of Warrant Compensation Cost | Warrant compensation cost is recognized in the consolidated statement of profit or loss over the vesting period of the warrants granted. 2018 2017 2016 (EUR’000) Research and development costs 10,225 4,775 3,722 General and administrative expenses 9,427 4,934 3,599 Total warrant compensation costs 19,652 9,709 7,321 |
Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants | The following table specifies the weighted average exercise prices and weighted average remaining contractual life for outstanding warrants at December 31, 2018, per grant year. Number of Weighted Weighted Granted in 2012 532,011 8.00 56 Granted in 2013 83,738 8.00 56 Granted in 2014 314,997 6.78 59 Granted in 2015 815,895 15.67 83 Granted in 2016 1,067,469 17.89 93 Granted in 2017 1,164,144 30.15 106 Granted in 2018 1,633,375 54.43 118 Outstanding at December 31, 2018 5,611,629 29.03 96 |
Summary of Fair Values for Warrant Grants | The following table summarizes the input to the Black-Scholes Option Pricing model and the calculated fair values for warrant grants in 2018, 2017 and 2016: 2018 2017 2016 Expected volatility 53 – 57% 54 — 60% 57 — 60% Risk-free interest rate (0.23) – 0.46% (0.34) — 0.25% (0.32) — 0.30% Expected life of warrants (years) 5.05 – 7.14 5.05 — 7.10 5.05 — 7.13 Weighted average exercise price EUR 54.43 EUR 30.15 EUR 17.69 Fair value of warrants granted in the year EUR 17.90 – 31.81 EUR 9.65 — 17.29 EUR 5.78 — 11.07 |
Warrants [member] | |
Statement [LineItems] | |
Summary of Weighted Average Exercise Prices and Movements in Warrants | The following table specifies number and weighted average exercise prices of, and movements in warrants during the year: Total Warrants Weighted Average Exercise Price EUR Outstanding at January 1, 2016 2,615,903 10.69 Granted during the year 1,202,500 17.69 Exercised during the year (1) (115,212 ) 7.63 Forfeited during the year (11,426 ) 13.88 Expired during the year — — Outstanding at December 31, 2016 3,691,765 13.05 Vested at the balance sheet date 1,439,066 9.36 Granted during the year 1,196,000 30.15 Exercised during the year (1) (193,171 ) 8.49 Forfeited during the year (73,440 ) 16.42 Expired during the year — — Outstanding at December 31, 2017 4,621,154 17.62 Vested at the balance sheet date 2,034,791 11.48 Granted during the year 1,637,375 54.43 Exercised during the year (1) (611,683 ) 10.82 Forfeited during the year (35,217 ) 28.24 Expired during the year — — Outstanding at December 31, 2018 5,611,629 29.03 Vested at the balance sheet date 2,478,770 15.81 (1) The weighted average share price (issued in $) at the date of exercise was €58.01, €26.75, and €16.74 for the financial years ended December 31, 2018, 2017, and 2016, respectively. |
Key management personnel of entity or parent [member] | |
Statement [LineItems] | |
Summary of Staffing Cost | Compensation to Key Management Personnel included above is summarized below: 2018 2017 2016 (EUR’000) Compensation to Key Management Personnel Wages and salaries 1,809 1,731 1,449 Share-based payment 5,112 3,576 2,548 Pensions (defined contribution plans) — — — Social security costs 152 70 72 Total Compensation to Key Management Personnel 7,073 5,377 4,069 |
Finance Income and Finance Ex_2
Finance Income and Finance Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Finance Income and Finance Expenses | 2018 2017 2016 (EUR’000) Interest income 4,020 923 123 Exchange rate gains 20,694 — 7,177 Total finance income 24,714 923 7,300 Interest expense (127 ) (97 ) (5 ) Exchange rate losses — (13,659 ) (3,107 ) Total finance expenses (127 ) (13,756 ) (3,112 ) |
Tax on Profit_(Loss) for the _2
Tax on Profit/(Loss) for the Year and Deferred Tax (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Tax on Profit/Loss and Deferred Tax | 2018 2017 2016 (EUR’000) Tax on profit/(loss) for the year: Current tax (expense)/income 394 477 227 394 477 227 Tax for the year can be explained as follows: Profit/(loss) before tax (130,491 ) (124,374 ) (68,732 ) Tax at the Danish corporation tax rate of 22% 28,708 27,362 15,121 Tax effect of: Non-deductible (4,327 ) (1,553 ) (1,153 ) Additional tax deductions 4,074 356 65 Share of profit/(loss) of associate (71 ) — — Unrecognized deferred tax from associate (2,312 ) — — Tax credits — (1,028 ) (740 ) Other effects including effect of different tax rates 143 598 266 Valuation adjustments on deferred tax assets (25,821 ) (25,258 ) (13,332 ) Tax on profit/(loss) for the year 394 477 227 Effective tax rate (0.30 )% (0.38 )% (0.33 )% No changes to deferred tax has been recognized in the consolidated statement of profit or loss for 2018, 2017 or 2016. 2018 2017 2016 (EUR’000) Specification of Deferred Tax Asset Tax deductible losses (74,120 ) (52,084 ) (27,188 ) Deferred income (3,092 ) (86 ) (144 ) Other temporary differences (1,324 ) (545 ) (124 ) Valuation allowances 78,536 52,715 27,456 Total Deferred Tax Asset at December 31 0 0 0 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Goodwill | Goodwill (EUR’000) Cost: At January 1, 2017 3,495 Additions — December 31, 2017 3,495 Additions — December 31, 2018 3,495 Accumulated impairment: At January 1, 2017 — Impairment charge — At December 31, 2017 — Impairment charge — At December 31, 2018 — Carrying amount: At December 31, 2018 3,495 At December 31, 2017 3,495 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Plant and Other Leasehold Total (EUR’000) Cost: At January 1, 2017 3,967 1,494 620 6,081 Additions 540 371 30 941 Disposals — (224 ) — (224 ) At December 31, 2017 4,507 1,641 650 6,798 Additions 1,206 1,270 225 2,701 Disposals (68 ) (316 ) — (384 ) At December 31, 2018 5,645 2,595 875 9,115 Accumulated depreciation: At January 1, 2017 (2,676 ) (786 ) (269 ) (3,731 ) Depreciation charge (378 ) (292 ) (64 ) (734 ) Disposals — 224 — 224 At December 31, 2017 (3,054 ) (854 ) (333 ) (4,241 ) Depreciation charge (410 ) (415 ) (55 ) (880 ) Disposals 16 315 — 331 December 31, 2018 (3,448 ) (954 ) (388 ) (4,790 ) Carrying amount: At December 31, 2018 2,197 1,641 487 4,325 At December 31, 2017 1,453 787 317 2,557 2018 2017 2016 (EUR’000) Depreciation charges are recognized as: Research and development costs (827 ) (701 ) (645 ) General and administrative expenses (53 ) (33 ) (32 ) Total depreciation charges (880 ) (734 ) (677 ) |
Investments in Group Enterpri_2
Investments in Group Enterprises (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Summary of Investments in Group Enterprises | Investments in Group enterprises comprise: Subsidiaries Domicile Ownership Ascendis Pharma GmbH Germany 100 % Ascendis Pharma, Inc. USA 100 % Ascendis Pharma Ophthalmology Division A/S Denmark 100 % Ascendis Pharma Endocrinology Division A/S Denmark 100 % Ascendis Pharma Bone Diseases A/S Denmark 100 % Ascendis Pharma Growth Disorders A/S Denmark 100 % Associate VISEN Pharmaceuticals Cayman Island 50 % |
Investment in Associate (Tables
Investment in Associate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
VISEN Pharmaceuticals [member] | |
Statement [LineItems] | |
Schedule of Financial Information of Investment in VISEN | The following table illustrates the summarized relevant financial information of our investment in VISEN. 2018 VISEN Pharmaceuticals Principal place of business Cayman Island Ownership 50 % (EUR’000 ) Profit or loss Profit / (loss) for the year (642 ) Financial position Non-current 34,819 Current assets 34,155 Non-current — Current liabilities 9 Equity 68,965 Company's share of equity before eliminations 34,483 Elimination of profit recognized at December 31 (17,400 ) Company's share of equity 17,083 Investment in associate at December 31 17,083 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Number of Shares | The number of shares of the Company are as follows: 2018 2017 2016 2015 2014 Changes in share capital Beginning of year 36,984,292 32,421,121 25,128,242 16,935,780 10,801,948 Increase through cash contribution 5,151,156 4,563,171 7,292,879 8,192,462 6,133,832 End of year 42,135,448 36,984,292 32,421,121 25,128,242 16,935,780 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Lease Commitment under Operating Leases | The total lease commitment (minimum lease payments) under operating leases was: 2018 2017 (EUR’000) Within 1 year 4,220 2,951 Within 1 to 5 years 11,798 12,485 After 5 years 3,609 3,957 Total commitments held under operating leases 19,627 19,393 |
Financial Risk Management and_2
Financial Risk Management and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Financial Assets and Liabilities | Our financial assets and liabilities comprise the following; 2018 2017 (EUR’000) Financial assets: Deposits 1,158 293 Trade receivables 6 188 Cash and cash equivalents 277,862 195,351 Financial assets measured at amortized cost 279,026 195,832 Financial liabilities Trade payables 19,740 17,434 Financial liabilities measured at amortized cost 19,740 17,434 |
Summary of Foreign Currency Sensitivity Analysis | Hypothetical impact on consolidated financial statements 2018 Nominal Increase in rate Profit or loss Equity before USD/EUR 178,308 10 % 17,831 17,831 GBP/EUR (816 ) 10 % (82 ) (82 ) Hypothetical impact on consolidated financial statements 2017 Nominal Increase in rate Profit or loss Equity before USD/EUR 183,362 10 % 18,336 18,336 GBP/EUR 1,163 10 % 116 116 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) € / shares in Units, € in Thousands | Jan. 01, 2019EUR (€) | Dec. 31, 2018EUR (€)LeaseSegment€ / shares | Dec. 31, 2018kr / shares | Dec. 31, 2017EUR (€) |
Disclosure of summary of significant accounting policies [line items] | ||||
Trade payables | € 19,740 | € 17,434 | ||
Other payables | € 12,267 | € 6,334 | ||
Nominal value common shares | kr / shares | kr 1 | |||
Number of finace leases | Lease | 0 | |||
Other payable term | 1 year | |||
Number of reportable segment | Segment | 1 | |||
Right-of-use assets | € 18,000 | |||
Lease liability | € 17,400 | |||
Increase (decrease) due to application of IFRS 16 [member] | Announcing or commencing implementation of major restructuring [member] | ||||
Disclosure of summary of significant accounting policies [line items] | ||||
Increase in operating profit | € 349 | |||
Increase in financial expenses | 492 | |||
Net loss | 143 | |||
Increase (decrease) in cash flow from financing activities | € 4,300 | |||
Ordinary shares [member] | ||||
Disclosure of summary of significant accounting policies [line items] | ||||
Nominal value common shares | € / shares | € 0.13 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Asset's Expected Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Bottom of range [member] | Process plant and machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 5 Years |
Bottom of range [member] | Other fixtures and fittings tools and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 3 Years |
Bottom of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 3 Years |
Top of range [member] | Process plant and machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 10 Years |
Top of range [member] | Other fixtures and fittings tools and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 5 Years |
Top of range [member] | Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Asset's expected useful life | 5 Years |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018EUR (€)AgreementLicensesTranche | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Disclosure of changes in accounting estimates [line items] | |||
Number of collaboration agreement | Agreement | 2 | ||
Impairment loss | € 0 | € 0 | € 0 |
Goodwill | € 3,495,000 | € 3,495,000 | € 3,495,000 |
Right-to-use [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Number of licenses classified as right to use | Licenses | 3 | ||
Warrants [member] | |||
Disclosure of changes in accounting estimates [line items] | |||
Description of vesting requirements | Up to 48 months | ||
Number of tranches | Tranche | 48 |
Revenue - Schedule of Revenue R
Revenue - Schedule of Revenue Recognized in Consolidated Statements of Profit or Loss (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Revenue from the rendering of services (recognized over time) | € 1,215 | € 1,530 | € 1,628 |
Total revenue | 10,581 | 1,530 | 4,606 |
Revenue from external customers (geographical) | |||
Total revenue | 10,581 | 1,530 | 4,606 |
Right-to-access [member] | |||
Disclosure of operating segments [line items] | |||
License fee income | 0 | 0 | 2,978 |
Right-to-use [member] | |||
Disclosure of operating segments [line items] | |||
License fee income | 9,366 | 0 | 0 |
North America [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 10,581 | 1,530 | 4,606 |
Revenue from external customers (geographical) | |||
Total revenue | € 10,581 | € 1,530 | € 4,606 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018EUR (€)SegmentCustomer | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Disclosure of operating segments [line items] | |||
Number of reportable segment | Segment | 1 | ||
Revenue | € 10,581,000 | € 1,530,000 | € 4,606,000 |
Denmark [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | ||
Customer one [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | € 10,500,000 | € 1,500,000 | € 4,600,000 |
Number of customers | Customer | 1 |
Staff Cost - Summary of Staffin
Staff Cost - Summary of Staffing Cost (Detail) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018EUR (€)Employee | Dec. 31, 2017EUR (€)Employee | Dec. 31, 2016EUR (€)Employee | |
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | € 29,418 | € 19,918 | € 15,288 |
Share-based payment | 19,652 | 9,709 | 7,321 |
Pensions (defined contribution plans) | 444 | 324 | 49 |
Social security costs | 1,793 | 1,156 | 913 |
Total costs | € 51,307 | € 31,107 | € 23,571 |
Average number of employees | Employee | 167 | 121 | 92 |
Key management personnel of entity or parent [member] | |||
Disclosure of employee compensation costs [line items] | |||
Wages and salaries | € 1,809 | € 1,731 | € 1,449 |
Share-based payment | 5,112 | 3,576 | 2,548 |
Social security costs | 152 | 70 | 72 |
Total costs | € 7,073 | € 5,377 | € 4,069 |
Staff Cost - Summary of Staff C
Staff Cost - Summary of Staff Costs Recognized in the Statement of Profit and Loss (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee compensation costs [line items] | |||
Total costs | € 51,307 | € 31,107 | € 23,571 |
Research and development expenses [member] | |||
Disclosure of employee compensation costs [line items] | |||
Total costs | 34,146 | 21,845 | 115,829 |
General and administrative expense [member] | |||
Disclosure of employee compensation costs [line items] | |||
Total costs | € 17,161 | € 9,262 | € 7,742 |
Staff Cost - Additional Informa
Staff Cost - Additional Information (Detail) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018EUR (€)Employees | Dec. 31, 2017EUR (€)Employees | Dec. 31, 2016EUR (€) | |
Disclosure of employee compensation costs [line items] | |||
Total staff costs | € 51,307 | € 31,107 | € 23,571 |
Share-based payment | 19,652 | 9,709 | 7,321 |
Warrants [member] | |||
Disclosure of employee compensation costs [line items] | |||
Share-based payment | € 19,652 | € 9,709 | 7,321 |
Board of Directors [member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | Employees | 7 | 8 | |
Total staff costs | € 1,851 | € 1,467 | 1,187 |
Board of Directors [member] | Warrants [member] | |||
Disclosure of employee compensation costs [line items] | |||
Share-based payment | € 1,607 | € 1,202 | 938 |
Executive Board [member] | |||
Disclosure of employee compensation costs [line items] | |||
Number of persons | Employees | 2 | 2 | |
Total staff costs | € 5,222 | € 3,910 | 2,882 |
Executive Board [member] | Warrants [member] | |||
Disclosure of employee compensation costs [line items] | |||
Share-based payment | € 3,505 | € 2,374 | € 1,610 |
Staff Cost - Warrant Activity -
Staff Cost - Warrant Activity - Additional Information (Detail) | Dec. 31, 2018EUR (€)shares | Dec. 31, 2018EUR (€)moshares | Dec. 31, 2017mo | Dec. 31, 2016mo | Dec. 31, 2015 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Warrant outstanding | 5,611,629 | 5,611,629 | |||
Minimum percentage of share capital for equity transctions | 50.00% | ||||
Payment of dividend from equity, maximum percentage | 10.00% | ||||
Ratio of issuance of bonus shares | 3 | 3 | |||
Warrant adjustment ratio based on bonus share issuance | 3 | 3 | |||
Warrant exercise price adjustment ratio based on bonus share issuance | 3 | 3 | |||
Weighted average exercise price | mo | 96 | 112 | 109 | ||
Dividend payables | € 0 | € 0 | |||
Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average exercise price | 6,480 | 6,480 | |||
Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average exercise price | 31,600 | 19,420 | |||
Warrants [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Aggregate number of other equity instruments granted | 8,078,187 | ||||
Aggregate number of other equity instruments cancelled | shares | 19,580 | 19,580 | |||
Aggregate number of other equity instruments exercised | 2,212,528 | ||||
Aggregate number of other equity instruments expired | 2,168 | ||||
Aggregate number of other equity instruments forfeited | 232,282 | ||||
Number of other equity instruments authorized | 2,538,125 | 2,538,125 | |||
Vesting description | Up to 48 months | ||||
Warrant outstanding | 5,611,629 | 5,611,629 | 4,621,154 | 3,691,765 | 2,615,903 |
Information about how fair value was measured, share options granted | Warrant compensation costs are determined with basis in the grant date fair value of the warrants granted and recognized over the vesting period. Fair value of the warrants is calculated at the grant dates by use of the Black-Scholes Option Pricing model with the following assumptions: (1) an exercise price equal to or above the estimated market price of our shares at the date of grant; (2) an expected lifetime of the warrants determined as a weighted average of the time from grant date to date of becoming exercisable and from grant date to expiry of the warrants; (3) a risk free interest rate equaling the effective interest rate on a Danish government bond with the same lifetime as the warrants; (4) no payment of dividends; and (5) a volatility for comparable companies for a historic period equaling the expected lifetime of the warrants. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the warrants is indicative of future trends. The expected volatility has been calculated using a simple average of daily historical data of comparable publicly traded companies, as we do not have sufficient data for the volatility of our own share price. | ||||
Warrants [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price | € 6.48 | € 6.48 | |||
Warrants [member] | Top of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Exercise price | € 60.23 | € 60.23 | |||
Warrants issued from 2008 to 2012 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting description | Warrants issued during the period from 2008 to 2012 generally vested over 36 months with 1/36 of the warrants vesting per month from the date of grant. | ||||
Vesting period | 36 months | ||||
Warrants issued from 2008 to 2012 [member] | Bottom of range [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period | 24 months | ||||
Warrants issued after December 2012 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting description | Effective from and after December 2012, warrants granted generally vest over 48 months with 1/48 of the warrants vesting per month from the date of grant. | ||||
Vesting period | 48 months | ||||
Warrants issued after December 2016 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting description | Effective from and after December 2016, certain warrants issued to board members vest over 24 months with 1/24 of the warrants vesting per month from the date of grant. | ||||
Vesting period | 24 months | ||||
Outstanding warrants granted in connection with publishing annual or interim report [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of annual excercised period | 2 | ||||
Warrant outstanding | 657,749 | 657,749 | |||
Warrant excercised period | 21 days | ||||
Outstanding warrants granted in connection with preference D financing [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of annual excercised period | 4 | ||||
Warrant excercised period | 21 days | ||||
Warrant outstanding | 272,997 | 272,997 | |||
Warrants granted after December 18, 2015 [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of annual excercised period | 4 | ||||
Warrant outstanding | 4,680,883 | 4,680,883 |
Staff Cost - Summary of Warrant
Staff Cost - Summary of Warrant Compensation Cost (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | € 19,652 | € 9,709 | € 7,321 |
Warrants [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | 19,652 | 9,709 | 7,321 |
Research and development cost [member] | Warrants [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | 10,225 | 4,775 | 3,722 |
General and administrative expense [member] | Warrants [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total warrant compensation costs | € 9,427 | € 4,934 | € 3,599 |
Staff Cost - Schedule of Warran
Staff Cost - Schedule of Warrant Activity (Detail) | 12 Months Ended | ||
Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Disclosure Of Warrant Activity [line items] | |||
Ending balance | 5,611,629 | ||
Ending balance | € 29.03 | ||
Warrants [member] | |||
Disclosure Of Warrant Activity [line items] | |||
Beginning balance | 4,621,154 | 3,691,765 | 2,615,903 |
Granted during the year | 1,637,375 | 1,196,000 | 1,202,500 |
Exercised during the year | (611,683) | (193,171) | (115,212) |
Forfeited during the year | (35,217) | (73,440) | (11,426) |
Expired during the year | 0 | 0 | 0 |
Ending balance | 5,611,629 | 4,621,154 | 3,691,765 |
Vested at the balance sheet date | 2,478,770 | 2,034,791 | 1,439,066 |
Beginning balance | € 17.62 | € 13.05 | € 10.69 |
Granted during the year | 54.43 | 30.15 | 17.69 |
Exercised during the year | 10.82 | 8.49 | 7.63 |
Forfeited during the year | 28.24 | 16.42 | 13.88 |
Expired during the year | 0 | 0 | 0 |
Ending balance | 29.03 | 17.62 | 13.05 |
Vested at the balance sheet date | € 15.81 | € 11.48 | € 9.36 |
Staff Cost - Schedule of Warr_2
Staff Cost - Schedule of Warrant Activity (Parenthetical) (Detail) - EUR (€) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Warrant Activity [line items] | |||
Weighted average share price | € 29.03 | ||
U.S. dollars [member] | |||
Disclosure Of Warrant Activity [line items] | |||
Weighted average share price | € 58.01 | € 26.75 | € 16.74 |
Staff Cost - Schedule of Weight
Staff Cost - Schedule of Weighted Average Exercise Price and Weighted Remaining Contractual Life for Outstanding Warrants (Detail) | 12 Months Ended | ||
Dec. 31, 2018EUR (€)mo | Dec. 31, 2017mo | Dec. 31, 2016mo | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of Warrants, Outstanding | 5,611,629 | ||
Weighted Average Exercise, Outstanding | € | € 29.03 | ||
Weighted Average Life, Granted | mo | 96 | 112 | 109 |
Granted in 2012 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2012 | ||
Number of Warrants, Granted | 532,011 | ||
Weighted Average Exercise, Granted | € | € 8 | ||
Weighted Average Life, Granted | mo | 56 | ||
Granted in 2013 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2013 | ||
Number of Warrants, Granted | 83,738 | ||
Weighted Average Exercise, Granted | € | € 8 | ||
Weighted Average Life, Granted | mo | 56 | ||
Granted in 2014 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2014 | ||
Number of Warrants, Granted | 314,997 | ||
Weighted Average Exercise, Granted | € | € 6.78 | ||
Weighted Average Life, Granted | mo | 59 | ||
Granted in 2015 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2015 | ||
Number of Warrants, Granted | 815,895 | ||
Weighted Average Exercise, Granted | € | € 15.67 | ||
Weighted Average Life, Granted | mo | 83 | ||
Granted in 2016 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2016 | ||
Number of Warrants, Granted | 1,067,469 | ||
Weighted Average Exercise, Granted | € | € 17.89 | ||
Weighted Average Life, Granted | mo | 93 | ||
Granted in 2017 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2017 | ||
Number of Warrants, Granted | 1,164,144 | ||
Weighted Average Exercise, Granted | € | € 30.15 | ||
Weighted Average Life, Granted | mo | 106 | ||
Granted in 2018 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of grant | 2018 | ||
Number of Warrants, Granted | 1,633,375 | ||
Weighted Average Exercise, Granted | € | € 54.43 | ||
Weighted Average Life, Granted | mo | 118 |
Staff Cost - Summary of Fair Va
Staff Cost - Summary of Fair Values for Warrant Grants (Detail) - Warrants [member] | 12 Months Ended | ||
Dec. 31, 2018EUR (€)yr€ / shares | Dec. 31, 2017EUR (€)yr€ / shares | Dec. 31, 2016EUR (€)yr€ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price | € | € 54.43 | € 30.15 | € 17.69 |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility | 53.00% | 54.00% | 57.00% |
Risk-free interest rate | (0.23%) | (0.34%) | (0.32%) |
Expected life of warrants (years) | yr | 5.05 | 5.05 | 5.05 |
Fair value of warrants granted in the year | € / shares | € 17.90 | € 9.65 | € 5.78 |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility | 57.00% | 60.00% | 60.00% |
Risk-free interest rate | 0.46% | 0.25% | 0.30% |
Expected life of warrants (years) | yr | 7.14 | 7.10 | 7.13 |
Fair value of warrants granted in the year | € / shares | € 31.81 | € 17.29 | € 11.07 |
Finance Income and Finance Ex_3
Finance Income and Finance Expenses - Schedule of Finance Income and Finance Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finance income expense [abstract] | |||
Interest income | € 4,020 | € 923 | € 123 |
Exchange rate gains | 20,694 | 7,177 | |
Total finance income | 24,714 | 923 | 7,300 |
Interest expense | (127) | (97) | (5) |
Exchange rate losses | (13,659) | (3,107) | |
Total finance expenses | € (127) | € (13,756) | € (3,112) |
Tax on Profit_(Loss) for the _3
Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax on profit/(loss) for the year: | |||
Current tax (expense)/income | € 394 | € 477 | € 227 |
Current tax expense (income) and adjustments for current tax of prior periods | 394 | 477 | 227 |
Tax for the year can be explained as follows: | |||
Profit/(loss) before tax | (130,491) | (124,374) | (68,732) |
Tax at the Danish corporation tax rate of 22% | 28,708 | 27,362 | 15,121 |
Tax effect of: | |||
Non-deductible costs | (4,327) | (1,553) | (1,153) |
Additional tax deductions | 4,074 | 356 | 65 |
Share of profit/(loss) of associate | (71) | ||
Unrecognized deferred tax from associate | (2,312) | ||
Tax credits | (1,028) | (740) | |
Other effects including effect of different tax rates | 143 | 598 | 266 |
Valuation adjustments on deferred tax assets | (25,821) | (25,258) | (13,332) |
Tax on profit/(loss) for the year | € 394 | € 477 | € 227 |
Effective tax rate | (0.30%) | (0.38%) | (0.33%) |
Tax deductible losses | € (74,120) | € (52,084) | € (27,188) |
Deferred income | (3,092) | (86) | (144) |
Other temporary differences | (1,324) | (545) | (124) |
Valuation allowances | 78,536 | 52,715 | 27,456 |
Total Deferred Tax Asset at December 31 | € 0 | € 0 | € 0 |
Tax on Profit_(Loss) for the _4
Tax on Profit/(Loss) for the Year and Deferred Tax - Summary of Tax on Profit/Loss and Deferred Tax (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Applicable tax rate | 22.00% | 22.00% | 22.00% |
Tax on Profit_(Loss) for the _5
Tax on Profit/(Loss) for the Year and Deferred Tax - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Income taxes refund | € 0.7 | € 0.7 | € 0.7 |
Intangible Assets - Summary of
Intangible Assets - Summary of Goodwill (Detail) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill at beginning period | € 3,495,000 | € 3,495,000 | |
Impairment charge | 0 | 0 | € 0 |
Goodwill at ending period | 3,495,000 | 3,495,000 | 3,495,000 |
Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill at beginning period | 3,495,000 | 3,495,000 | |
Additions | 0 | 0 | |
Goodwill at ending period | 3,495,000 | 3,495,000 | 3,495,000 |
Accumulated impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill at beginning period | 0 | 0 | |
Impairment charge | 0 | 0 | |
Goodwill at ending period | € 0 | € 0 | € 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | € 2,557 | ||
Depreciation charge | (880) | € (734) | € (677) |
Property, plant and equipment at ending period | 4,325 | 2,557 | |
Research and development cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge | (827) | (701) | (645) |
General and administrative expense [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge | (53) | (33) | (32) |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 6,798 | 6,081 | |
Additions | 2,701 | 941 | |
Disposals | (384) | (224) | |
Property, plant and equipment at ending period | 9,115 | 6,798 | 6,081 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (4,241) | (3,731) | |
Depreciation charge | (880) | (734) | |
Disposals | 331 | 224 | |
Property, plant and equipment at ending period | (4,790) | (4,241) | (3,731) |
Plant and machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 1,453 | ||
Property, plant and equipment at ending period | 2,197 | 1,453 | |
Plant and machinery [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 4,507 | 3,967 | |
Additions | 1,206 | 540 | |
Disposals | (68) | 0 | |
Property, plant and equipment at ending period | 5,645 | 4,507 | 3,967 |
Plant and machinery [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (3,054) | (2,676) | |
Depreciation charge | (410) | (378) | |
Disposals | 16 | 0 | |
Property, plant and equipment at ending period | (3,448) | (3,054) | (2,676) |
Other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 787 | ||
Property, plant and equipment at ending period | 1,641 | 787 | |
Other equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 1,641 | 1,494 | |
Additions | 1,270 | 371 | |
Disposals | (316) | (224) | |
Property, plant and equipment at ending period | 2,595 | 1,641 | 1,494 |
Other equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (854) | (786) | |
Depreciation charge | (415) | (292) | |
Disposals | 315 | 224 | |
Property, plant and equipment at ending period | (954) | (854) | (786) |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 317 | ||
Property, plant and equipment at ending period | 487 | 317 | |
Leasehold improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | 650 | 620 | |
Additions | 225 | 30 | |
Disposals | 0 | 0 | |
Property, plant and equipment at ending period | 875 | 650 | 620 |
Leasehold improvements [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning period | (333) | (269) | |
Depreciation charge | (55) | (64) | |
Disposals | 0 | 0 | |
Property, plant and equipment at ending period | € (388) | € (333) | € (269) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Expenditure for improvements under construction | € 222 | € 0 |
Investments in Group Enterpri_3
Investments in Group Enterprises - Summary of Investments in Group Enterprises (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Ascendis Pharma GmbH [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma GmbH |
Domicile | Germany |
Ownership | 100.00% |
Ascendis Pharma, Inc [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma, Inc. |
Domicile | USA |
Ownership | 100.00% |
Ascendis Pharma Ophthalmology Division A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Ophthalmology Division A/S |
Domicile | Denmark |
Ownership | 100.00% |
Ascendis Pharma Endocrinology Division A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Endocrinology Division A/S |
Domicile | Denmark |
Ownership | 100.00% |
Ascendis Pharma Bone Diseases A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Bone Diseases A/S |
Domicile | Denmark |
Ownership | 100.00% |
Ascendis Pharma Growth Disorders A/S [member] | |
Disclosure of subsidiaries [line items] | |
Company | Ascendis Pharma Growth Disorders A/S |
Domicile | Denmark |
Ownership | 100.00% |
VISEN Pharmaceuticals [member] | |
Disclosure of subsidiaries [line items] | |
Company | VISEN Pharmaceuticals |
Domicile | Cayman Island |
Ownership | 50.00% |
Investment in Associate - Addit
Investment in Associate - Additional Information (Detail) - 12 months ended Dec. 31, 2018 - VISEN Pharmaceuticals [member] $ in Millions | EUR (€)shares | USD ($)shares |
Disclosure of associates and joint ventures [line items] | ||
Ownership | 50.00% | 50.00% |
Consideration received | $ | $ 40 | |
Contingent liabilities or capital commitments | € 0 | |
Number of licenses granted | 3 | 3 |
Consideration received, shares | shares | 40,000,000 | 40,000,000 |
License income | € 10,500,000 | |
Contract liabilities | 6,900,000 | |
Trade balances | 0 | |
Loans obtained or granted | € 0 |
Investment in Associate - Sched
Investment in Associate - Schedule of Financial Information of Investment in VISEN (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financial position | ||
Non-current assets | € 26,061 | € 6,345 |
Current assets | 292,907 | 204,634 |
Current liabilities | € 38,918 | € 23,768 |
VISEN Pharmaceuticals [member] | ||
VISEN Pharmaceuticals | ||
Principal place of business | Cayman Island | |
Ownership | 50.00% | |
Profit or loss | ||
Profit / (loss) for the year | € (642) | |
Financial position | ||
Non-current assets | 34,819 | |
Current assets | 34,155 | |
Non-current liabilities | 0 | |
Current liabilities | € 9 |
Investment in Associate - Equit
Investment in Associate - Equity (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of associates and joint ventures [line items] | ||||
Equity | € 280,050 | € 187,211 | € 176,613 | € 120,329 |
Elimination of profit recognized | 130,097 | € 123,897 | € 68,505 | |
Investment in associate | 17,083 | |||
VISEN Pharmaceuticals [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Equity | 68,965 | |||
VISEN Pharmaceuticals [member] | Associates [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Company's share of equity before eliminations | 34,483 | |||
Elimination of profit recognized | (17,400) | |||
Company's share of equity after eliminations | 17,083 | |||
Investment in associate | € 17,083 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - kr / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of classes of share capital [abstract] | ||||||
Number of shares issued | 42,135,448 | 36,984,292 | 32,421,121 | 25,128,242 | 16,935,780 | 10,801,948 |
Share nominal value | kr 1 |
Share Capital - Summary of Numb
Share Capital - Summary of Number of Shares (Detail) - shares | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of classes of share capital [abstract] | |||||
Share capital beginning of year | 36,984,292 | 32,421,121 | 25,128,242 | 16,935,780 | 10,801,948 |
Increase through cash contribution | 5,151,156 | 4,563,171 | 7,292,879 | 8,192,462 | 6,133,832 |
Share capital end of year | 42,135,448 | 36,984,292 | 32,421,121 | 25,128,242 | 16,935,780 |
Contract Liabilities - Addition
Contract Liabilities - Additional Information (Detail) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Contract liabilities [abstract] | ||
Deferred income | € 6.9 | € 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Lease Commitment under Operating Leases (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of commitments and contingencies [line items] | ||
Operating lease commitments | € 19,627 | € 19,393 |
Within 1 year [member] | ||
Disclosure of commitments and contingencies [line items] | ||
Operating lease commitments | 4,220 | 2,951 |
Within 1 to 5 years [member] | ||
Disclosure of commitments and contingencies [line items] | ||
Operating lease commitments | 11,798 | 12,485 |
After 5 years [member] | ||
Disclosure of commitments and contingencies [line items] | ||
Operating lease commitments | € 3,609 | € 3,957 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Capital commitments [abstract] | |||
Total expenses under operating leases | € 2.7 | € 1.6 | € 1.5 |
Financial Risk Management and_3
Financial Risk Management and Financial Instruments - Schedule of Financial assets and Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||||
Deposits | € 1,158 | € 293 | ||
Cash and cash equivalents | 277,862 | 195,351 | € 180,329 | € 119,649 |
Financial liabilities, class [member] | ||||
Financial liabilities | ||||
Trade payables | 19,740 | 17,434 | ||
Financial liabilities at amortised cost, category [member] | ||||
Financial liabilities | ||||
Financial liabilities measured at amortized cost | 19,740 | 17,434 | ||
Financial assets at amortised cost, class [member] | ||||
Financial assets: | ||||
Deposits | 1,158 | 293 | ||
Trade receivables | 6 | 188 | ||
Cash and cash equivalents | 277,862 | 195,351 | ||
Financial assets measured at amortized cost | € 279,026 | € 195,832 |
Financial Risk Management and_4
Financial Risk Management and Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity decrease/increase percentage | 10.00% |
Provisions for doubtful accounts | € 0 |
Danish Kroner (DKK) [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Foreign currency target percentage | 4.50% |
US Dollars (USD) [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Increase Decrease In Foreign Currency Exchange Rate | 10.00% |
British Pounds (GBP) [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Increase Decrease In Foreign Currency Exchange Rate | 10.00% |
Financial Risk Management and_5
Financial Risk Management and Financial Instruments - Schedule of Foreign Currency Sensitivity Analysis (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
US dollars to Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal positions | € 178,308 | € 183,362 |
Increase in foreign exchange rate | 10.00% | 10.00% |
Profit or loss before tax | € 17,831 | € 18,336 |
Equity before tax | 17,831 | 18,336 |
British pounds to Euro [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal positions | € (816) | € 1,163 |
Increase in foreign exchange rate | 10.00% | 10.00% |
Profit or loss before tax | € (82) | € 116 |
Equity before tax | € (82) | € 116 |
Ownership - Additional Informat
Ownership - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership percentage | 5.00% |
Description of nature of related party relationship | Persons, or groups of affiliated persons, are known by us to beneficially own more than 5% of our outstanding ordinary shares |
USA [member] | |
Disclosure of beneficial ownership [line items] | |
Description of American depository shares | The Company's American Depository Shares are held through BNY (Nominees) Limited as nominee, of The Bank of New York Mellon, UK (as registered holder of the Company's outstanding ADSs). |
Entities affiliated with RA capital management LLC [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with RA Capital Management, LLC, USA |
OrbiMed private investments VLP [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | OrbiMed Private Investments V, L.P., USA |
Entities affiliated with FMR LLC [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with FMR LLC, USA |
Baker Bros. advisors LP [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Baker Bros. Advisors LP |
T Rowe Price Associates Inc [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | T. Rowe Price Associates, Inc., USA |
Vivo capital [member] | USA [member] | |
Disclosure of beneficial ownership [line items] | |
Minimum beneficial ownership | Entities affiliated with Vivo Capital, USA |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - ADSs [member] - Major ordinary share transactions [member] $ / shares in Units, € in Millions, $ in Millions | Mar. 14, 2019EUR (€)shares | Mar. 14, 2019USD ($)shares | Mar. 05, 2019$ / sharesshares | Mar. 11, 2019shares |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Number of shares, follow-on offering | 4,166,667 | |||
Follow-on public offering price | $ / shares | $ 120 | |||
Share purchase price per share follow on offering | $ / shares | $ 112.80 | |||
Option to purchase additional number of fully paid shares follow-on offering | 625,000 | |||
Underwriters right to purchase shares | 30 days | |||
Number of shares issued public offering | 4,791,667 | 4,791,667 | ||
Proceeds from issuance of public offering | € 476.9 | $ 539.8 | ||
Top of range [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Additional number of shares granted follow-on offering | 625,000 |